The Central Bank of the Republic of Azerbaijan held a joint meeting with a SWIFT delegation and the SWIFT User Group made up of representatives from commercial banks and relevant financial institutions, focusing on efforts to modernise national payment systems in line with global standards and to expand digital payments infrastructure. Discussion covered SWIFT’s current and planned programmes and strategic objectives, including the G20 targets for cross-border payments. The Central Bank’s deputy chairman, Vusal Khalilov, highlighted the importance for market participants to engage with the Central Bank’s 2024–2026 financial sector development strategy and pointed to the potential connection of Central Bank-licensed e-money and payment institutions to the SWIFT network alongside banks. Participants also exchanged views on payment transaction trends in Azerbaijan, the state of the national payments infrastructure, work completed towards migration to the ISO 20022 international standard, and the outlook for payment services, including practical discussion of innovative payment solutions implemented with SWIFT. The Central Bank noted it will continue projects and strategic initiatives to develop electronic payment systems and expand cashless payments in cooperation with relevant public authorities and international organisations.
Central Bank of the Republic of Azerbaijan 2025-02-19
Central Bank of the Republic of Azerbaijan hosts SWIFT User Group meeting on cross-border payments priorities and ISO 20022 transition
The Central Bank of the Republic of Azerbaijan and a SWIFT delegation discussed modernizing national payment systems and expanding digital payments infrastructure. The meeting covered SWIFT's strategic objectives, G20 cross-border payment targets, and the integration of e-money institutions into the SWIFT network. The Central Bank emphasized ongoing projects to enhance electronic payment systems and cashless payments.