Central Bank of Azerbaijan completes transferring interbank settlement system to int’l standard

The Central Bank of Azerbaijan (CBA) has successfully transferred the Azerbaijan Interbank Payment System (AZIPS) to the ISO 20022 standard within the project entitled "Application of ISO20022 international standard in financial infrastructure" envisaged in the CBA's "Digital Payments Strategy for 2021-2023".

“This standard expands automating of inter system integration both within Azerbaijan and among the countries by establishing common formats for the exchange of information between those involved in the payment system and also increases the coefficient of automatic processing of settlements,” Trend reports with reference to the CBA.

Moreover, the ISO 20022 standard envisages more complete information in payment documents and, therefore, ample opportunities for reporting. More than 70 leading countries have implemented the ISO 20022 standard in their payment systems and continue working in this sphere.

The payment, clearing and settlements system, which is another infrastructure component of the national payment system, will be transferred to the ISO 20022 standard within this project in accordance with the action plan approved by the CBA.

The work is underway to transfer the operating systems of those involved in the national payment system to new data formats until late 2022.