CBA plans to develop standards to support open banking technologies in 2022

By Trend

The Central Bank of Azerbaijan (CBA) plans to develop the corresponding standards to support open banking technologies in 2022, CBA executive director Farid Osmanov told reporters on Dec. 8, Trend reports.

“Open banking is one of the most pressing principles,” CBA executive director added. “It is possible to say that most of the central banks support open banking.”

Osmanov said that in this regard, the CBA is also studying international experience.

“A roadmap for the introduction of open banking in 2021 has been developed and approved by the CBA’s Council,” the executive director said.

Osmanov said that the roadmap has been published on the CBA’s official website.

“The law on payment systems and payment services that we have developed supports the open banking principles,” the executive director said. “The CBA is considering the possibility of developing the corresponding standards, security, and technical standards to support open banking technologies in 2022.”