BAKU, Azerbaijan, November 19. The AzQr standard is already being adopted throughout the country, the Deputy Chairman of the Central Bank of Azerbaijan (CBA), Vusal Khalilov, said at the 9th International Banking Forum in Baku, Trend reports.
According to him, this standard will simplify the acceptance of non-cash payments for entities in both the regions and the center: "At the same time, the cost of payments will decrease.
In general, this transition is aimed at significantly reducing the costs not only of financial institutions but also of entrepreneurs."
“We, as the Central Bank, are improving our control mechanisms, taking into account these changes and dynamics. According to our strategy, this is a transition to risk-based control. To implement this transition, we are introducing several technological solutions and striving to ensure that these solutions are applied by financial institutions,” the deputy chairman emphasized.