BAKU, Azerbaijan, Nov. 18
By Zeyni Jafarov – Trend:
The instant payment system currently being introduced across Azerbaijan's financial organizations is based on full integration with the existing ecosystem, the Central Bank of Azerbaijan (CBA) told Trend.
"Through integration with the governmental payment website, it became possible to use the services of the website in many spheres of budget payments," the CBA said. "The peculiarity of the system is that third parties will be able to initiate their payments. One of these third parties is the instant payment website itself, which means a website, an e-commerce gateway and a mobile application."
"The mobile application is the main component of the website, which is used by both customers and business entities," the bank said. "Users carry out transactions using the internet and mobile banking services integrated into the system of participating banks while business entities can accept payments through mobile applications using various identification methods and QR code."
It became possible for the small and medium-sized enterprises throughout the country to make payments in the instant payment system through POS-terminals integrated into this system.
The CBA also stressed that functional integration payment methods have also been created for users of the services of non-bank credit organizations.
"After the introduction of the instant payment system in Azerbaijan, it became possible to create an effective payment method in many small businesses," the bank said. "In this system, operations are performed in accordance with "Client A and B" scheme."
"The main difference between this system and traditional payment systems is that using this scheme, payment transactions, including clearing ones, are conducted in real time, that is why funds are instantly transferred to the addressee's account," the Central Bank of Azerbaijan said.
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