Central Bank: Azerbaijan in talks with UAE, Türkiye on cross-border payments

Azerbaijan is preparing to implement a cross-border instant payment system, Tofig Ajirgayev, Chief Software Engineer at the Central Bank of Azerbaijan, stated.

Speaking at the 10th International Finance and Banking Summit in Baku, he noted that the development of instant payment systems, the transition to ISO 20022 standards, and the strengthening of digital payment infrastructure form a solid foundation for the country’s participation in the emerging financial ecosystem, Caliber.Az reports per local media.

“In this context, negotiations with Türkiye and the UAE on organising cross-border payments are of particular importance. Various integration models and cooperation mechanisms are currently being considered. The goal is to create faster, safer and more efficient opportunities for international payments for citizens and businesses,” Ajirgayev said.

He added that one of the key global trends in recent years has been the cross-border integration of fast payment systems.

“This direction is one of the priorities of the G20 roadmap. The Project Nexus initiative by the Bank for International Settlements (BIS) aims to connect different countries’ fast payment systems on a unified platform. India, Singapore, Malaysia, Thailand and the Philippines are already participating in this cooperation,” he emphasised.

By Jeyhun Aghazada