Central Bank of Azerbaijan switches its interbank payment system to ISO20022
By Trend
The Central Bank of Azerbaijan Republic (CBAR) has successfully completed switching its Azerbaijan Interbank Payment System (AZIPS) to the ISO20022 standard, Trend reports with reference to CBAR.
"This standard expands possibilities of automating intersystem integration both within Azerbaijan and between countries by establishing common formats for the exchange of information between participants in the payment system,” CBAR said.
“It also increases the coefficient of automatic processing of settlements. In addition, the ISO20022 standard provides more complete reflection of information in payment documents and, therefore, ample opportunities for reporting,” CBAR noted.
“Currently, more than 70 countries have implemented the ISO20022 standard in their payment systems,” said the bank.
"Work will continue on the transition of operating systems of participants in national payment system to new data formats until the end of 2022," CBAR added.
--
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!