Azerbaijan lowers interbank mutual service fees

Baku. 24 November. REPORT.AZ/ The Central Bank of Azerbaijan (CBA) continues to work to improve the country's national payment system infrastructure, improve its efficiency and increase the weight of non-cash payments in the economy.

Report informs citing the CBA.

As a result of the systemic reforms implemented in this regard, the Interbank Card Center (ICC) was established and put into operation on April 1, 2016, in order to reduce the costs of card infrastructure users.

As a next step, mutual agreement was reached with the representatives of the Banks Association of Azerbaijan, card processing centers and banks to reduce the interchange operations with payment cards via the ICC.

Interchange is the mutual service fee for transactions with interbank payment card system.

New interchange tariffs are valid from November 20, 2017.