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Central Bank of Azerbaijan talks advantages of instant payment system

Finance Materials 4 November 2020 13:45 (UTC +04:00)
Central Bank of Azerbaijan talks advantages of instant payment system

BAKU, Azerbaijan, Nov.4

By Zeyni Jafarov - Trend:

The infrastructure of the instant payment system in Azerbaijan relies on modern payment systems in the leading countries of the world and international practice shows that legal entities and individuals should have 24/7 access to these systems, the Central Bank of Azerbaijan (CBA) told Trend.

According to the bank, namely for the above reasons, the instant payment systems have been introduced in all leading countries of the West and East, and currently, such systems have already been introduced in more than 50 countries of the world. In 2017, the SIA Payment System was introduced in Europe, and in 2018 Russia also switched to an instant payment system.

The bank noted that as a result of integration with the government payment portal of Azerbaijan, it will be possible to conduct transactions on more than 550 types of services in real mode, including the centralized collection of taxes, duties, rent, and other budget payments, as well as payments on communal, communication and other mass services.

CBA also pointed out that the introduction of the system of instant payments allowed to carry out payments between individuals and legal entities, as well as government bodies through simplified identifiers of bank accounts (PIN, mobile number, e-mail).

Users can carry out transactions using the Internet and mobile banking services integrated into the system of participating banks, as well as by contacting the relevant banking divisions, the bank said.

"One of the priority areas in creating an instant payment system was to achieve improved payment methods at small retail outlets and make payments using cash registers and POS terminals integrated into this system. Moreover, a central information base was created in the system, and thereby simplified identifiers of clients and business entities will be linked to their account," summed up the bank.

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