Azerbaijan to apply API standards on open banking model

As part of the application of international standards for the development of innovative cashless payments, it is planned to apply API standards on the open banking model, banks.az informs with reference to the statement of the Central Bank of Azerbaijan "On the main directions of monetary and financial stability policy for 2022".

"Measures will be taken to create a competitive, innovative and affordable payment environment, develop the digital ecosystem, improve the institutional environment to expand the scope of digital payments. Innovative payment instruments for public transport fares (bank cards and mobile banking solutions) in cities and regions will include projects such as expanding access to POS-terminals, expanding the coverage of POS-terminals in economic entities, creating opportunities to receive QR-code payment solutions in places where POS-terminals cannot be installed. Measures to promote and strengthen human resource capacity in this direction will also be continued, "the statement reads.

It is planned to increase the efficiency and effectiveness of mutual information exchange in the financial infrastructure, including the full application of the international standard ISO20022.

Strengthening the level of cyber security in the payment infrastructure will also be examined. The Central Bank states that ensuring the safe, uninterrupted and sustainable operation of the national payment system will be one of the important priorities in 2022.