BAKU, Azerbaijan, Dec. 27
By Eldar Janashvili - Trend:
The International Bank of Azerbaijan (IBA) has joined a new standard - SWIFT gpi, used by SWIFT (Society for Worldwide Interbank Financial Telecommunication) in global transactions, Trend reports referring to the bank’s press service.
This system allows controlling payments by individual and corporate clients at all stages of international transfers, tracking the process of their execution step by step. This ensures complete security, speed and transparency of payments.
Fuad Islamov, IBA director general, noted that this innovation will provide new opportunities for the customers who make international money transfers.
“Clients no longer need to spend extra money and time on receiving information about the process of their transfers,” Islamov noted. “SWIFT gpi system is a modern banking solution that facilitates international payments for our clients. In the near future, the IBA customers will be able to take advantage of the new capabilities of this system.”
The IBA has been operating since 1992 and is one of two state banks in Azerbaijan. The bank has been at the recovery phase since July 2015, which is related to preparations for the privatization of state-owned shares of the bank.