By Ayya Lmahamad
The Central Bank of Azerbaijan (CBA) jointly with IBM has created a digital identification system, a source withing the bank has reported.
The CBA carries out a number of strategic projects in accordance with the instructions of the President of Azerbaijan on increasing financial accessibility in the country, including study and introduction of the best international practices, acceleration of measures of digital transformation, expansion of electronic financial and banking services and increasing accessibility of these services to the population.
Within this project, for the first time in the country, the Hyperledger Fabric blockchain platform was introduced, which provides full protection of the confidentiality of information in a database based on distributed ledger technology.
Moreover, one of the main objectives is the expansion of the coverage of e-banking services, modernize client-bank relations, to bring these services to a qualitatively new level by creating the latest technological solutions and thus to increase customer satisfaction.
Additionally, within the framework of the project, legal entities and individuals will be able to open bank accounts and receive payment cards in a pilot mode with their identification following the client recognition policy for remote receipt of financial and banking services by legal entities and individuals. Thus, it ensures prompt distant access to banking services, eliminating the need to provide the required information on paper, including the provision of complete, accessible and confidential information.
At present, International Bank of Azerbaijan OJSC, Accessbank OJSC, Azer-Turk Bank OJSC, Bank Respublika OJSC, Expressbank OJSC, Kapital Bank OJSC, Muganbank OJSC, Rabitabank OJSC, Unibank OJSC, VTB Bank (Azerbaijan) OJSC are integrated into the DIS.
In the future, appropriate measures will be taken to expand the functionality and coverage of the system, as well as to increase the number of service providers and the range of digital services provided.
The National Bank of Azerbaijan was established by Decree of President dated February 11, 1992, and was renamed as the Central Bank of Azerbaijan on March 18, 2009. The main goal of the Central Bank is to maintain price stability within its authorities set by the Law, to organize and ensure operations of centralized interbank and other unlicensed payment systems, as well as support the stability of the banking system.
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