Regulatory Alerts2021-12-17
Action Plan on ISO 20022 Application in the Central Bank of Azerbaijan's National Payment System Infrastructure
The Central Bank of the Republic of Azerbaijan issued an action plan mandating the adoption of ISO 20022 data formats across its National Payment System infrastructure. The plan requires the Bank's departments to develop compliant formats, upgrade core systems, and establish mutual conversion functionalities while participants integrate these standards into their internal information and e-banking systems. Implementation spans from January 2021 to March 2023, encompassing structured testing phases, pilot operations via SWIFT for international markets, and the final real-time transition of all ISO 20022-compliant transactions.
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