The International Bank of Azerbaijan (IBA) will launch money transfers for physical entities without opening accounts in the international system MIGOM on December 18, 2006.
The IBA informed Trend that the program offers fast (5-10 minutes), safe (advanced data protection systems), cheap (2-3% interests), comfortable registration (without bank requisites) money transfers.
MIGOM covers many countries in the Commonwealth of Independent States (CIS) and has 500 locations for money transfer in Russia. All branches of the IBA, covering the entire country, will join the system.
The commencement of the work with this system will lead to tangible rise in the money transfers by the Azerbaijanis residing abroad. Particularly, money transfers by IBA daughter companies IBA-Moscow, St-Petersburg and Ekaterinburg are forecasted to increase.
The Bank has set up cooperation with the express money transfers for physical systems without opening an account such as MoneyGram, Contact, XpressMoney, as well as use of own transfer systems with the daughter bank IBA-Moscow and one of Ukraine's big banks UkrSocBank. However, the Bank management is keen on progress and is holding talks on joining express money transfer systems.