2 more banks and Azerpost LLC integrated to Instant Payment System

15-12-2020

15 December 2020, Baku: Efforts on expansion of the capacity of 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  and put into operation on a real time mode on 1 October are under way.

Within the efforts to expand the coverage of the IPS 2 more banks were integrated to the system – the ‘Yelo Bank’ OJSC and the ‘ACCESS Bank’ CJSC. Hence, customers of the said institutions also have an opportunity to conduct 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.

Currently 17 banks, the State Treasury Agency of the Ministry of Finance of the Republic of Azerbaijan and the Azerpost LLC have been integrated to the IPS.  Efforts are under way to expand the system coverage and increase the range of digital solutions for users.