2 more banks integrated to Instant Payments System

16-10-2020

15 October 2020, Baku: The Instant Payment System (IPS), created by the Central Bank as part of the ‘State Program on expansion of digital payments in the Republic of Azerbaijan for 2018-2020’ approved by Decree#508 of the President of the Republic of Azerbaijan dated 26 September 2018  was put into operation on a real time mode on 1 October.

Within the efforts to expand the coverage of the IPS 2 more banks were integrated to the system – the ‘Azər-Türk Bank’ OJSC and the ‘TuranBank’ OJSC allowed the opportunity for customers to use IPS functionality via their branch network. Introduction of the system functionality enables the settlements between individuals and legal entities, as well as public authorities to be maintained 24/7/365 over bank accounts via simplified identifiers (FIN code, TIN, mobile number, e-mail) and funds to be instantly reflected on funds receivers’ bank accounts.

To note, currently 15 banks and the State Treasury Agency of the Ministry of Finance of the Republic of Azerbaijan have been integrated to the IPS.  Efforts are under way to expand the system coverage and increase the range of digital solutions for users.