Azerbaijan’s Central Bank, SWIFT discuss expansion of using innovative payment services

BAKU, Azerbaijan, May 22. The Central Bank of
Azerbaijan (CBA) held discussions within the framework of joint
cooperation with SWIFT (the Society for Worldwide Interbank
Financial Telecommunication) system in the direction of expanding
the sphere of innovative payment services in the country, as well
as providing reliable, sustainable and secure payment solutions,
the CBA told Trend.

During the meeting, the current state of the country’s national
payment infrastructure, work on the transition to the ISO20022
international standard and prospects for the development of payment
services, current and future SWIFT programs were discussed, as well
as the main features of SWIFT solutions, goals and principles of
the customer security program.

At the same time, practical discussions were held at the meeting
on expanding the coverage of innovative payment services in the
country within the framework of cooperation with SWIFT, as well as
on providing reliable, sustainable and secure payment

The CBA noted that in order to create competitive, innovative
and affordable financial services in Azerbaijan, the focus will be
on the continuous development of cooperation with international
organizations and the effective implementation of appropriate
measures in this direction.

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