Introduction of open banking to reduce cost of some services in Azerbaijan


November 24, Fineko/ The introduction of an open banking model in Azerbaijan will lead to an increase in the availability of financial products and services for customers, as well as a reduction in fees for various services.

ABC.AZ reports that Sahib Hasanov, head of the project of the information technology department of the Central Bank of Azerbaijan, said this at the VI International Banking Forum in Baku, organized with the support of the Association of Banks of Azerbaijan (ABA) and the Central Bank of Azerbaijan in cooperation with the international payment system Mastercard.

 “Open banking will lead to lower costs for integration with third parties, the creation, and development of a digital financial system, the creation of new information channels, as well as cooperation with technologically advanced companies. Thus, the possibilities for managing personal data and financial products will expand, and it will be possible to manage all financial information in a single window,” Hasanov noted.