The FINANCIAL — According to APA-Economics, this year Bank of Azerbaijan will connect to TARGET2, Europe-wide real-time gross settlement (RTGS) system.
The bank said it has already applied for connection to TARGET2. The bank plans to offer services on this platform.
At present Bank of Azerbaijan uses XPress Money and Western to transfer money.
Bank of Azerbaijan will be the first in the country to join Target2.
All Eurosystem central banks will connect to the Target2 clearing and settlement system next year.
TARGET stands for Trans European Automated Real TimeGross Settlement Express Transfer. All TARGET payments are processed straight through by the national banks within the EU through the local Real Time Gross Settlement systems.
TARGET2, in contrast, uses a direct payment platform (the SSP) without intervention of any local RTGS.
As of January 1, Bank of Azerbaijan’s assets stood at AZN 92 million, loan at AZN 74.413 million, deposit portfolio at AZN 35.652 million, aggregate capital at AZN 14.463 million and authorized capital at AZN 10 million.
Bank of Azerbaijan has been in operation since 1993.
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