12:11 - 14.05.2026

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May 14, Fineko/abc.az. Creation of Open Banking infrastructure for non-banking legal entities is planned in Azerbaijan, as well as connection of at least several non-banking organizations to this system.

ABC.AZ informs, quoting Elmar Didakenan, an open banking specialist at the Central Bank Department of Financial Technologies & Innovations.

"This means that if an organization has a bank account, it will be able to add these accounts to other platforms via online banking or a mobile banking application. In the next strategic period, we plan that legal entities will be able not only to add accounts, but also to carry out transactions on them and make payments, just like citizens. Our second main goal is to expand the number of ecosystem participants. Not only banks and fintech companies, but also other organizations will be able to connect to the system. As an example, insurers or investment organizations with large financial capabilities can be cited. This is largely implemented within the Open Finance Concept," he said.

According to Didakenan, without Open Banking, card payments go through several instances, including international payment systems such as Visa and Mastercard, as well as processing centers, which increases company's costs: "Within Open Banking, when making a payment, finances are transferred directly from one account to another, without participation of third parties. As a result, merchant's acquiring costs are reduced. Therefore, one of our key goals for the next strategic period is to make better use of the PIS (Payment Initiation Service) functionality and further reduce merchant costs."