Tieto has supported the Central Bank of the Republic of Azerbaijan in creating Interbank Card Centre to facilitate electronic payments and provide new business services for customers.
The innovative platform, Tieto Card Suite, ensures full control over the domestic transactions by supporting local Visa and MasterCard branded payment card authorisation, transaction routing, interbank clearing and settlement, including full cycle of disputes case processing.
Implementation of Interbank Card Centre started in 2014 and as a result of the successful completion of the project it is now in operation at the Central Bank of Azerbaijan Republic. The Interbank Card Centre enables information exchange interface between the infrastructures of all card processing centres in the country.
- The processing and clearing of the transactions that were carried out in the country, with payment cards issued by the resident banks between processing centres is now performed by Interbank Card Centre. This process was carried out by the international Payment Systems (Visa Inc. and MasterCard) until this time, says Alim Guliyev, the first Deputy Governor of the Central Bank of Azerbaijan Republic.
- This project ensures effectiveness of the transactions within the country, it enables the development of cashless transactions by payment cards with applying more convenient fee, Alim Guliyev concludes.
- Creation of National Switch has been a national level initiative and a major project for the Central Bank of the Republic of Azerbaijan. We are delighted that the bank has chosen Tieto as partner. Tieto’s Card Suite solution ensures a solid platform for the future development of a national payment system in Azerbaijan, says Maris Ozolins, Director of Cards, Tieto.