Azerbaijan's central bank holds meeting with SWIFT network envoys to integrate payment systems

Central Bank of Azerbaijan has facilitated a meeting between local financial service providers with delegates representing the SWIFT messaging network. 

A joint meeting was held between a SWIFT delegation and the Swift User Group, a union representing the international messaging network's local users that include representatives from Azerbaijani commercial banks and other financial institutions, Caliber.Az reports citing the Central Bank of Azerbaijan (CBAR). 

The agenda of the discussions covered ongoing and future SWIFT programs, strategic objectives, and cross-border payment initiatives aligned with the G20 agenda.

In the course of the meeting, CBAR Deputy Chairman Vusal Khalilov emphasized the importance of reforms and strategic priorities in payment systems. He highlighted the need for financial institutions and strategic partners to familiarize themselves with the "Financial Sector Development Strategy of Azerbaijan for 2024–2026" and consider its key initiatives.

Khalilov noted that integrating banks as well as licensed electronic money and payment service providers into the SWIFT system marks a significant step forward in the fintech sector and represents a new stage in the evolution of Azerbaijan’s financial landscape.

The parties also discussed the trends in payment transactions within Azerbaijan, the current state of the national payment infrastructure, efforts to transition to the international ISO 20022 standard, and the future of payment services.

Additionally, the meeting featured practical discussions on innovative payment solutions implemented in Azerbaijan in collaboration with SWIFT.

By Nazrin Sadigova