Use of instant payment system to be free of charge until 1 July 2021


October 1, Fineko/abc.az. The Central Bank of Azerbaijan has launched the instant payment system in full mode.

"Currently, the State Treasury of the Ministry of Finance, the International Bank of Azerbaijan, Kapital Bank, Unibank, Yapi Kredi Bank Azerbaycan, Premium Bank, Muganbank, Bank Avrasiya, Expressbank, AFB Bank, Gunay Bank, Naxcivanbank, Ziraat Bank Azerbaycan and the Baku branch of Bank Melli Iran are integrated into the instant payment system.

IPS services are rendered through IBA, Unibank, Yapi Kredi Bank Azerbaycan and Expressbank in the branch network, mobile and Internet banking, and through other banks - only through the branch network," the CBA said.

The Central Bank stressed that until 1 July 2021 the use of the IPS will be free.

Launching the IPS allows you to perform payment operations within 5-10 seconds. It was developed by Swiss CMA Small Systems AB.

The IPS allows payment transactions between individuals, businesses and government agencies 24/7/365 via bank accounts using simplified identifiers (FIN code, taxpayer identification number (VOEN), mobile phone number, email), and money is immediately reflected in the recipient's bank account.

"By the end of this year, the system will provide small businesses with functions that will allow them to accept non-cash payments using innovative mobile solutions such as QR code, NFC. At the same time, by the end of 2020, the payment function will be launched for about 600 services provided through the IPS managed by the CBA, through the PBX," the CBA said.