Azerbaijan starting to implement exchange standards in local financial system

Azerbaijan starting to implement exchange standards in local financial system

BAKU, Azerbaijan, Mar.11

By Zeyni Jafarov – Trend:

The transition to the ISO20022 standard in the financial and payment systems of the leading countries of the world has become a global trend in recent years, when the use of new digital technologies is expanding, Trend reports referring to the Central Bank (CBA).

According to the CBA, within implementation of the priorities arising from the State Program for Expansion of Digital Payments in Azerbaijan for 2018-2020, approved by decree No. 508 of the country’s president on September 26, 2018, applying universal exchange standards of the financial system (ISO20022) has begun, which allow the user to automate certain processes.

In order to ensure the effectiveness of the work carried out in this direction, the CBA approved the ‘Action Plan for the implementation of the international standard ISO20022 in the Azerbaijani national payment system’s infrastructure’.

Besides, organizational and technical work has been launched to bring the internal information systems, electronic banking and payment services of the above national system’s participants in line with the requirements of the ISO20022 standard.

“Along with the introduction of this standard into the infrastructure of the national payment system, the CBA pays special attention to technological projects and activities implemented in foreign countries,” a source in the bank noted. “One of such events is ‘ISO20022 hackathon’, organized by the BIS Innovation Hub of the Bank for International Settlements and SWIFT, which will be held from March 12 to 19, 2021 with the participation of about 400 representatives from around the world.”

“At the seminars on the first day of the event, SWIFT specialists for ISO20022 will talk in detail about the advantages and requirements of applying this standard in settlements between corporate and individuals, and will also give presentations on best practices for using application programming interfaces (API),” said the source.

“The event teams will develop cross-border payment solutions using payment messages and APIs prepared in accordance with the ISO20022 standard. The event will be attended by six teams of specialists in the field of payment systems and information technologies of the Central Bank of Azerbaijan and the country's banking sector,” the source further noted. “The ISO20022 Global Team Competition will be held from March 13 to 19, 2021, and will be judged by representatives of such reputable organizations as the Federal Reserve Bank, Payments Canada, Bank of England, European Central Bank, DBS and SWIFT.”

Participation in such international events will contribute to the study of best practices, as well as the development and implementation of more innovative solutions by the participants of the national payment system in the process of transition to the ISO20022 standard, added the source.

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Follow the author on Twitter: @jafarov_zeyni

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