Azerbaijan, Baku, 26 May / corr. Trend I. Khalilova/ The National Bank of Azerbaijan (NBA) is ready to transfer the process of exchange of information of the Centralized Credit Register (CCR) to the online regime, said Emin Huseynov, the Director of Statistics and Investigation Department of NBA. According to Huseynov, from the early June, the banks, which are the lone users of CCR, will be able to obtain the necessary information on online regime in order to check the credit history of the borrowers from the website. NBA has been providing this information on papers so far.
At present, the date base of CCR had been totally updated and each bank is worked with individually to test this system.
This innovation was supported by the banks as they needed to check the credit history due to the rise in the credit investments.
According to the current rules, the NBA is supposed to answer the inquiries of the banks in three days which is considered to be long period for some banks as they want to react to the credit inquiries of the potential clients quickly.
According to the NBA strategy, the registration system is expected to be improved in CCR after transfer to online-regime, Huseynov said.
The changes were made into the Regulations on Centralized Credit Register due to the improving CCR system, increasing its reliability and speeding up the exchange of information.
NBA plans to give CCR to the management of the business banks in the future, after measures on development of the credit register are carried out.
According to NBA representative, CCR may be ready for the efficient and further institutional development without NBA in 1.5-2 years. It is a strategic aim of NBA and it depends on the improvements in the credit register system and level of preparedness of the banks. The system is not working on full capacity which depends on how intensive banks will use these services.
At present, only banks are participating in CCR, but postal banks will also participate in the future once they are created. Insurance and leasing companies, non-banking credit organizations and mobile operators may also have an access to CRR, Huseynov said.
The correspondent can be contacted at: [email protected]