Central Bank: Instant payment system to be launched soon


February 21, Fineko/abc.az. The first stage of the Instant Payment System will be put into operation in June.

ABC.AZ reports with reference to the Central Bank that Emil Abbasov, CBA department director and head of Instant Payment System Project, said that the initial stage of the Instant Payment System in the 7/24/365 regime will be launched this June, and the full stage - before the end of the year.

According to Abbasov, the IPS will be created in a fully integrated form with the existing payment ecosystem: “Thanks to integration with the government payment portal, it will be possible to make payments on more than 550 types of services available on the portal in real time. Among the services are collecting taxes, fees, rents, and other budget payments, payments for public service businesses, and so on. Another institutions to be integrated into the system will be banks. They will develop their internal systems based on iOS requirements that will allow customers to work in 7/24 regime. The main feature of the system is that you can initiate third-party payments here. The system portal also applies to third parties."