Azerbaijani Processing Centre improves payments in foreign currencies

The Azerbaijani processing center MilliKart moved to the implementation of the clearing of card payments in foreign currencies between banks, which are serviced in the center through correspondent accounts, the center reported on Monday.

The Central Bank of Azerbaijan and "MilliKart" LLC, as well as banks served in "MilliKart", signed an agreement in this regard on August 2011.

The relevant account was opened in the Central Bank of the Republic of Azerbaijan for conducting clearing in foreign currency regarding the card payments between banks. Direct debiting of funds from correspondent accounts of banks is realized by the Central Bank of Azerbaijan on the basis of clearing results obtained by MilliKart.

Conducting clearing by Central Bank in foreign currency regarding the card payments eliminate risks arisen in interbank settlements, as well as minimizes financial and time loss. It is worth noting that currently 13 banks are served in "MilliKart" LLC. These banks have issued over 170 000 cards.


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