BAKU, Azerbaijan, Nov. 16
Trend:
The main priority of the state program for 2018-2020 prepared by the Central Bank of Azerbaijan (CBA) is the introduction of new payment technologies throughout the country, the CBA told Trend.
“During this process, the CBA studied the experience of leading foreign countries and thereby launched an instant payment system. International practice shows that systems of this type should be available to legal entities and individuals in the country around the clock,” the CBA noted.
“The infrastructures of the national payment systems correspond to the technologies of the world's leading countries. However, international practice shows that these systems should be easily accessible to legal entities and individuals. This is the main reason for the introduction of instant payment systems in all countries and Azerbaijan is no exception,” the bank said.
“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 a centralized collection of taxes, duties, rent and other budget payments, as well as payments for utilities, communication, and other massive services. Other organizations that integrate into the instant payment system are banks. Internal systems of banks will be redirected to IOS systems and this will create an opportunity to work 24/7,” the Central Bank noted.
“Upon creating a system of instant payments, one of the main goals was to achieve also the improvement of payment methods in small trade enterprises and the execution of payment using cash registers integrated into this system. Also, a central information base has been created in the system, and thus simplified identifiers of clients and business entities will be linked to their account,” the CBA added.