Baku, Azerbaijan, July 13
By Huseyn Veliyev – Trend:
The Swedish CMA Small Systems AB company will create a system of instant payments for the Central Bank of Azerbaijan, the tender commission of the Central Bank said July 10.
Work on the creation of the system has been going on since the beginning of this year, in the framework of which international experience has been studied, primary studies have been conducted to create a system of instant payments, and the requirements for integration into the existing payment ecosystem have been defined.
CMA Small Systems AB company won the Central Bank's tender, and will carry out the installation of the software and hardware necessary for implementation of the entire system.
In practice, Instant Payment System (or Fast Payment System) is used to ensure 24-hour operation of payment systems. These systems allow for reducing the time of settlement operations to 5-10 seconds.
Such systems are currently used in the UK, Denmark, Finland, Norway, Sweden, Switzerland, Poland, South Korea and other countries.
---
Follow the author on Twitter: @h_veliyev