BAKU, Azerbaijan, October 22. The number of daily transactions processed through Azerbaijan's Instant Payments System, operated by the Central Bank of Azerbaijan (CBA), has reached 1 million, with total transaction turnover exceeding 2 billion manat ($1.17 billion), Afghan Abbasov, director of the CBA's Payment Systems and Product Development Department, said, Trend's correspondent reports from the event.
He made the remarks on Thursday at a conference in Baku dedicated to the digital transformation of public finance.
He said the system's main advantages were its ability to process payments instantly, around the clock, seven days a week, and at lower cost. The system has recorded significant growth recently, driven by the integration of banks and government agencies and the wider use of different payment types.
“In 2024, the Instant Payments System processed 1 million transactions over the entire year. Today, that figure has reached 1 million transactions per day,” Abbasov noted.
According to him, transaction turnover through the system has exceeded 2 billion manat ($1.17 billion), approximately five times higher than in the same period last year.
Abbasov said the system supports transfers between individuals and legal entities, low-value payments, as well as budget-related and other government payments.
He identified expanding the use of the Instant Payments System for government payments as one of the Central Bank's priorities. Work is underway to enable settlements for transactions processed through the Government Payment Portal, which covers utility bills, taxes and other budget payments, to be carried out through the instant payment system.
“This will enable government and budget payments to be processed instantly while also reducing transaction costs,” he stressed.
According to the department director, several banks have already integrated with the system, enabling them to accept payments. Transaction volumes in this area have increased more than tenfold compared with the previous year. These figures are expected to rise further as more banks expand their use of the system.
Abbasov said that alongside expanding the system's use, ensuring its uninterrupted and reliable operation was also essential. Banks, fintech startups and government agencies currently use the system, while the number and volume of transactions continue to grow.
“Previously, we focused mainly on connecting participants to the system and introducing different payment types. Now, we continuously monitor transaction processing times down to the second and millisecond levels. Our goal is to make transactions even faster,” he said.
He added that ongoing efforts were also being made to reduce technical errors experienced by system participants. The aim is to ensure that payments are processed faster and with fewer errors.
Abbasov noted that the system's resilience was maintained through regular operation of both primary and backup centers. This approach helps ensure that payments are processed reliably and without interruption.