The Central Bank has joined the Berlin Group OpenFinance Taskforce as an observer member

24-02-2025

24 February 2025, Baku: The Central Bank of Azerbaijan continues to expand its cooperation with international partners. The Central Bank has been accepted as an observer member without voting rights in the Berlin Group OpenFinance Taskforce. This membership will make a significant contribution to promoting innovation and aligning the regulatory framework with international standards.

Within the scope of this membership, the Central Bank will have the opportunity to collaborate with leading organizations and regulators in the fields of open banking and open finance, thus benefiting from global best practices.

Additionally, the membership will enable the Central Bank to implement important initiatives aimed at building an inclusive financial ecosystem and enhancing the resilience of the financial sector in the country.

It should be noted that the Berlin Group is a prestigious international initiative focused on the development of standards and innovative solutions in the financial sector. Established in 2004, the group aims to enhance interoperability in interbank transactions and promote an efficient retail payments market within the Single Euro Payments Area (SEPA).