3 more banks integrate to Instant Payment System

06-04-2021

5 April 2021, Baku: Efforts to expand the capacity of the Instant Payment System created and commissioned by the Central Bank on 1 October 2020 as part of the ‘State Program on expansion of digital payments in the Republic of Azerbaijan’ approved by Decree#508 of the President of the Republic of Azerbaijan dated 26 September 2018 continue.

Within the frames of related measures the Bank Respublika OJSC, the Paşa Bank OJSC and the Bank BTB OJSC have been integrated to the new infrastructure. Thus, customers of the said banks can now make mutual settlements with individuals and legal entities, as well as government institutions on bank accounts 24/7/365 via simplified identifiers (mobile number, FIN code, TIN, e-mail) and have the money transferred to the recipient's bank account reflected there immediately too.

To note, currently 19 banks, the State Treasury Agency of the Ministry of Finance and the Azerpost LLC have been integrated to the platform. Efforts will continue to expand the coverage of the system, as well as increase the range of digital solutions presented for users in future.