Central Bank of Azerbaijan begins integrating e-money firms into open banking

The Central Bank of Azerbaijan (CBA) has launched the integration of electronic money and payment institutions into the country's open banking system, said Sahib Hasanov, a department head at the CBA, at the 9th International Banking Forum in Baku, Report informs.

He noted that once the integration process is completed, API specifications for payment services will also be provided to banks.

Hasanov recalled that Azerbaijan's open banking functionality became operational on October 6, marking a long-awaited step. "Currently, 18 banks offer open banking APIs through the CBA's centralized infrastructure, while four institutions have already integrated open banking features into their mobile applications. Through these APIs, customers of participating banks can view information about their accounts held at other banks. At present, the system covers account information services only-including account lists, balances, and transaction histories," he said.