The Central Bank of Azerbaijan (CBA) is working to minimize transaction execution times in the Instant Payment System (IPS), Afghan Abbasov, Director of the CBA's Payment Systems and Product Development Department, stated at the conference titled "Digital Finance Ecosystem: A New Stage in Governance" in Baku, Report informs.
He emphasized that one of the main priorities is ensuring the stability and uninterrupted operation of the system: "The Central Bank is actively collaborating with the sector in this direction and taking steps to improve existing systems. While previously more attention was paid to connecting to the system and processing payments through the platform, now we constantly monitor how many seconds or milliseconds it takes to complete them. We are working together with sector participants to further reduce transaction execution times."
According to Abbasov, to minimize disruptions and accelerate settlements, the regulator also regularly analyzes the types of errors encountered by participants in the instant payment system.