Azerbaijan is preparing to introduce a cross-border instant payments system, Tofig Ajirgayev, chief software engineer at the Central Bank of Azerbaijan (CBA), said at the 10th International Banking and Finance Summit, Report informs.
According to him, important steps are already being taken to ensure that Azerbaijan does not remain outside this global transformation.
"The development of the Instant Payments System, the transition to ISO 20022 standards, and the strengthening of digital payment infrastructure form a solid basis for the country's participation in the new financial ecosystem. In this regard, discussions on organizing cross-border payments with Türkiye and the United Arab Emirates are of particular importance. Various integration models and cooperation mechanisms are currently being considered. The goal is to create faster, safer, and more efficient international payment opportunities for citizens and businesses. These initiatives will make an important contribution to deepening regional financial integration, while also further developing Azerbaijan's digital financial ecosystem," he said.
Ajirgayev stressed that the development of instant and digital payments is now entering a new stage.
"The main strategic focus in this area is the expansion of cross-border payment transactions. In recent years, one of the most important trends in the global payments industry has been the cross-border integration of fast payment systems. This area is considered one of the main priorities of the roadmap developed by G20 countries to make cross-border payments faster, cheaper, more transparent, and more accessible. At the initial stage, countries began using a bilateral cooperation model. The world is now moving toward a broader and more scalable model. The Bank for International Settlements' Project Nexus initiative aims to connect the fast payment systems of different countries through a single platform. Within this framework, India, Singapore, Malaysia, Thailand, and the Philippines have already begun cooperation. The system is expected to become a global payment network covering millions of users in the future," he said.