Finland-based IT services firm Tieto has created Interbank Card Centre for Central Bank of the Republic of Azerbaijan, which will facilitate electronic payments and provide new business services for customers.

The Interbank Card Centre, which is now in operation at the central bank, will enable information exchange interface between the infrastructures of all card processing centres in the country.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Tieto said that its platform, called Tieto Card Suite, will ensure full control over the domestic transactions by supporting local Visa and MasterCard branded payment card authorisation, transaction routing, interbank clearing and settlement, which will include full cycle of disputes case processing.

Central Bank of Azerbaijan Republic first deputy governor Alim Guliyev said: "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.

"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."

Tieto director of cards Maris Ozolins said: "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."

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.