Statement on Approved Requirements for Open Banking

26-12-2024

26 December 2024, Baku: The Requirements for network channels used between payment service providers when providing intermediary services and account information services for payment transactions were approved by the Resolution No. 49/3 of the Management Board of the Central Bank of the Republic of Azerbaijan dated December 10, 2024, which entered into force on December 21, 2024.

Relevant Requirements were approved for the purpose of implementing the Open Banking concept. Thus, according to Article 62.7 of the Law “On Payment Services and Payment Systems”, the Central Bank was granted the right to establish requirements for the purpose of organizing standardized, safe and reliable operation of network channels used between operators and payment system participants, as well as payment service providers. This made it possible to apply the Open Banking approach in the financial markets.

The Requirements cover the services supported by the payment account access interface, interface participant activities, and interface use cases. The use cases of the interface include the provision of payment account information, the mediation for the execution of a payment transaction and open data services.

The adopted Requirements will serve to create innovative services and products in the financial markets of our country, thereby increasing the accessibility and efficiency of services in the financial markets, expanding the scope of digital banking and financial technology services in the country, establishing "customer-bank" relations at a more modern level, and protecting the regulatory environment between supervised entities.

More detailed information on the new requirements is available at the link:

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