Azerbaijan to apply new standards in financial and banking sector
  • ECONOMY

  • 16:14 16 May 2019

Azerbaijan to apply new standards in financial and banking sector

“Our new objective is to accept ISO 2002 standards”, said the director of the Payment Systems Department Kamale Gurbanova at Fintex Summit in her speech “State Program – road to digitalization”, ONA reports.  

K.Gurbanova stated that the Central Bank has not started to work regarding this in banking sector: “These standards are current requirements. The main goal of these standards is to standardize the exchange language in financial sector. Automation of the full payment chain among end-users in an environment where digital payments are being developed, and the high rate of automatic processing of payments is a necessary requirement. The implementation of these standards country-wide will create this opportunity”.

Department director of the Central Bank stated that currently Central Bank learns the experience of countries who accept these standards and negotiations with international experts are held: “Probably, we will prepare the transition plan to these standards together with banks. The transition to these standards is not 1-2 years work, this is a project that will last 3-4 years. But I hope we will finish this project in banking sector successfully”.

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