BAKU, Azerbaijan, December 17. Azerbaijan has developed and is in the process of finalizing the legal and regulatory framework for open banking, as well as the technological documentation, an inside source told Trend.
"The technological documentation has been presented to the sector, and active support is already noticeable. Digital solutions are also being programmed at the code level. Over ten banks have already joined at the testing stage.
If the tests yield successful results, permission will be granted for the system to go live, allowing banks to offer their services in a production environment," the source added.
Earlier, the Governor of the Central Bank of Azerbaijan (CBA), Taleh Kazimov, stated that Open Banking is a priority and strategic direction for the CBA.
Open banking enables third-party developers to create services and applications for financial institutions, enhances financial transparency for account holders, allows for the exchange of customer data with their consent, and enables the creation of personalized offers for clients.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel
