Azerbaijan’s banking sector studying experience of Turkish payment systems

With the organization of the Azerbaijan Banks Association (ABA) Public Union, a large delegation representing members of the institution's Expert Group on Payment systems and digital banking, as well as a representative of the Payment systems and settlements department of the Central Bank of Azerbaijan, is on an official visit to Turkiye for the exchange of experience, Report informs, citing the Association.

According to the information, the primary purpose of the visit is to study Turkiye's achievements in the digital transformation of the banking system and to determine the directions of mutual cooperation.

In addition to large Turkish financial institutions such as the Interbank Card Center, Ing Bank, Vakifbank, Ziraat Bank, Yapı Kredi Bank, and Aktif Bank, meetings will be held with the representative office of Visa, the international card organization in Turkiye, and fintech companies such as Unified Payment Services, Token, Payten within the framework of the visit. The main topics of the meetings include digital banking products and services, payment tools, including payment cards and innovations in this field, measures to fight fraud, application of innovative payment solutions and technologies, directions of mutual cooperation between banks and fintech, etc.

ABA was founded by commercial banks in 1990. The main goal is to represent member organizations, support their needs for various business services, and coordinate their activities. Currently, 25 banks and 5 non-banking organizations are members of ABA.