17:06 - 19.12.2024

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December 19, Fineko/abc.az. From 2025, it is planned that banks operating in Azerbaijan will render services based on account data.

ABC.AZ informs with reference to the Central Bank that within the Financial Sector Development Strategy 2024-2026 approved by the CBA Board of Directors, it is planned to accelerate implementation of the "open banking" approach and ensure transition to the "open finance" approach.

Next year, the CBA plans to finish testing of the Account Data Service (AIS) and provide banks with an appropriate solution in a production environment.

It is also planned to launch a new functionality for the payment transactions service (PIS).

It is planned to integrate electronic money or payment organizations that have received the appropriate licenses from the bank and the Central Bank.

At that, it is planned to form and approve the concept of the "open finance" approach.