BAKU, Azerbaijan, Dec. 4
Trend:
The infrastructure of the national payment system created in the country and its components fully comply with the requirements of the best world practice, the expert group on payment systems and digital banking of the Azerbaijan Banks Association (ABA) told Trend.
According to the association, the real-time interbank settlement system - AZIPS, which performs large and urgent payments, as well as the settlement and clearing system of small payments, which performs small and retail payments, allow efficient and secure digital payments between participants. The Center for Interbank Cards, launched in 2015, improves the efficiency of payment transactions with payment cards issued in the country, reduces transaction costs, and also increases the security of information about these payment transactions.
“The development of financial inclusion in the country will expand the scale of the payment ecosystem and diversify its development according to the "web" principle. The "package of basic banking services" project, implemented by the Central Bank together with the Association of Banks of Azerbaijan, will become one of the priority goals of the state program and will play an important role in enhancing financial inclusion in the country. Within the framework of this project, a list of banking services has been determined, which will be provided free of charge to low-income segments of the population,” said the ABA expert group.
“Currently, active work is underway to improve the legal framework of the payment ecosystem, to form a legal framework for the implementation of innovative payment solutions and new payment instruments. The bill on payment services and payment systems, finalized by the Central Bank of Azerbaijan, will allow the creation of payment system operators representing the private sector in the payment ecosystem and regulate the activities of non-bank payment service providers,” the group noted.
“The development of the payment ecosystem is in the focus of attention of banking organizations. It is no coincidence that the Strategic Roadmap for the Development of Financial Services in Azerbaijan, adopted by the decree of the head of state on December 6, 2016, set new tasks for the country's financial structures to develop the infrastructure of the National Payment System and its components,” the expert group added.