The implementation of cross-border payment platforms is set to reduce the cost of banking services in Azerbaijan. This development was announced by Zakir Nuriyev, Chairman of the Presidium of the Azerbaijan Banks Association (ABA), during the 10th International Banking Forum held in Baku, according to the Operative Information Center-OMM.
Nuriyev noted that Georgia has recently joined this initiative, expanding opportunities for mutual use of existing platforms to foster cross-border trade. "For instance, the Turkish 'Troy' system has been implemented in Georgia. This allows for the utilization of expanding platforms, which creates conditions for further reducing the cost of services. Simultaneously, the development of the Instant Payment System and the expansion of QR code payments remain top priorities within the country," he stated.
The ABA Chairman further emphasized that measures taken to reduce "interchange" fees have significantly contributed to this process. "As a result, we are ensuring that business entities are provided with higher quality services at more favorable prices," Nuriyev added.
The International Banking Forum serves as a key platform for financial sector leaders to discuss digitalization, cybersecurity, and the modernization of payment systems in the region. By integrating international payment standards and enhancing local digital infrastructure, Azerbaijan aims to streamline financial transactions and improve accessibility for both businesses and consumers.
