By Trend

The Central Bank of Azerbaijan Republic (CBAR) has successfully completed switching its Azerbaijan Interbank Payment System (AZIPS) to the ISO20022 standard, Trend reports with reference to CBAR.

"This standard expands possibilities of automating intersystem integration both within Azerbaijan and between countries by establishing common formats for the exchange of information between participants in the payment system,” CBAR said.

“It also increases the coefficient of automatic processing of settlements. In addition, the ISO20022 standard provides more complete reflection of information in payment documents and, therefore, ample opportunities for reporting,” CBAR noted.

“Currently, more than 70 countries have implemented the ISO20022 standard in their payment systems,” said the bank.

"Work will continue on the transition of operating systems of participants in national payment system to new data formats until the end of 2022," CBAR added.