By decision of the Board of the Central Bank of Azerbaijan dated December 10, 2024 No. 49/3, the “Requirements for network channels used between payment service providers when providing intermediary services for conducting payment transactions and account information services” were approved. The decision came into force on December 21, 2024.
As reported to Day.Az by the regulatory body, the relevant requirements were approved in order to apply the “open banking” approach.
Thus, in accordance with Article 62.7 of the Law “On Payment Services and Payment Systems”, the Central Bank is given the right to determine requirements in order to organize standardized, safe and reliable operation of network channels used between the operator and payment system participants, as well as payment service providers. This has made it possible to apply an “open banking” approach to financial markets.
The requirements cover the services supported by the payment account access interface, the activities of interface participants, and the use cases for the interface. Examples of interface uses include payment account information, brokerage services for payment transactions, and open information services.
“The adopted requirements will contribute to the creation of innovative services and products in the financial markets of our country, expanding the coverage of digital banking and financial technology services in the country, building client-bank relationships in a more modern way and maintaining a regulatory environment between control subjects,” the statement notes. message.
More detailed information about the new requirements can be found here: