Azernews.Az

By Ayya Lmahamad

The Central Bank of Azerbaijan has created a shared ATM network, the bank has reported.

The Central Bank of the Azerbaijan constantly implements infrastructure and advertising measures in the direction of application of more favorable tariff policy by operators and providers of payment services, as well as optimization of commissions for payment services for consumers and economic entities.

Within the framework of measures taken in this direction, the Central Bank has created a shared ATM network, widely used in international practice, using the opportunities of Interbank Card Center.

For this purpose, eleven banks of Azerbaijan- AccessBank, AFB Bank, Azer-Turk Bank, Bank of Baku, Expressbank, Gunay Bank, TuranBank, Unibank, Yelo Bank, Yapi Credit Bank of Azerbaijan, Ziraat Bank Azerbaijan and also Azerpocht signed a collective agreement on joint use of existing ATM networks.

As a result of this agreement, the clients of these banks will be able to use the “single ATM network” of 500 ATMs on more favorable terms. The shared ATM network will allow banks to optimize the cost of the ATM network to provide more affordable financial services to their customers.

Additionally, in the future, it is planned to expand the coverage area of the "single ATM network" and connect other banks to the network. At the same time, the Central Bank will constantly take measures to make payment services more affordable for consumers and enterprises.

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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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

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