Online payments to be carried out faster in Azerbaijan
By Trend
The Central Bank of Azerbaijan (CBA) has started to create an Instant Payment System, the CBA said in a message on February 1.
According to the message, international experience has already been studied.
Initial studies have been carried out to create an Instant Payment System and requirements for integration into the existing payment ecosystem have been defined.
"International experience shows that Instant Payment System is used to ensure round-the-clock operation of payment systems,” the message said. “This kind of system allows reducing the time of settlement transactions between those who pay and those who receive money to 5-10 seconds.”
According to the message, similar systems are already used in UK, Denmark, Finland, Norway, Sweden, Switzerland, Poland, South Korea and other countries.
To create the system, detailed discussions were held at the Azerbaijan Banks Association Feb. 1. Opinions and proposals of the heads of local banks were heard.
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