Central Bank hosts meeting with SWIFT Users Group representatives

19-02-2025

 19 February 2025, Baku: Focusing on improving and aligning with global standards the payment systems, expanding the coverage of digital payments infrastructure, and introducing best practices, the Central Bank closely cooperates with international organizations.

In line with this cooperation, the Central Bank again hosted a joint meeting with the SWIFT Users Group comprising the SWIFT delegation and representatives of commercial banks and relevant government institutions. The discussions focused on SWIFT’s current and future activity programs, strategic targets, objectives of G20 for cross border payments.

Vusal Khalilov, Deputy Governor of the Central Bank, highlighted ongoing reforms in payment systems and strategic priorities: “Financial institutions and strategic partners should familiarize themselves with the Central Bank’s ‘2024-2026 Financial Sector Development Strategy’ and align their initiatives accordingly. Additionally, electronic money and payment institutions licensed by the Central Bank are now integrated into the SWIFT network alongside banks, which marks a crucial milestone in fintech development and signals the beginning of the next phase in the financial sector."

They further exchanged views on the dynamics of payment operations in Azerbaijan, the status of the national payments infrastructure, the transition to ISO20022 and future developments in payment systems.

The meeting also featured practical discussions on innovative payment solutions implemented in Azerbaijan through cooperation with SWIFT. Commercial bank representatives shared insights on related topics.

The Central Bank remains committed to advancing electronic payment systems and expanding cashless payments in cooperation with public institutions and international organizations.