BAKU, Azerbaijan, July 26. Open Banking is a priority and strategic activity of the Central Bank of Azerbaijan, Chairman of the Central Bank of Azerbaijan Taleh Kazimov told Trend.
During the press conference on changes in the parameters of the discount rate, he said that according to the law "On Payment Services and Payment Systems" adopted on July 14, it is expected to introduce expanded capabilities of Open Banking this year.
"Work is underway to prepare a legal framework that will regulate the activities of Open Banking today. I would like to note that some of the opportunities of Open Banking are already present in our market," he added.
Moreover, Open Banking enables third-party developers to create services and applications for financial institutions, expands the possibilities of financial transparency for account holders of banking institutions, and allows them to exchange data about the client with his consent and form personal offers for him.