The issue of connecting payment and electronic money organizations to Azerbaijan's national payment infrastructure is becoming increasingly relevant amid the growth of the fintech sector. However, direct access to large interbank clearing systems such as AZİPS may create additional risks at the current stage. Therefore, a more balanced and secure option is being discussed: a gradual transition through participation in the Ani Ödənişlər Sistemi (AÖS).
Direct connection of payment and electronic money organizations to the AZİPS system at the current stage of market development could create additional operational and liquidity risks. The regulator is considering a safer option: a model of indirect participation in the Ani Ödənişlər Sistemi (AÖS) through the Central Bank, which would reduce the burden on infrastructure and ensure a controlled transition.
The Central Bank could open special current accounts for such organizations, reducing dependence on commercial banks, lowering commission costs, and ensuring more efficient management of settlements and liquidity. Additionally, this expands opportunities for placing funds in low-risk assets and fosters a more competitive environment between banks and non-bank market participants.
Amid the growth of the fintech sector and the emergence of new players, a gradual transition appears more sustainable: first, indirect participation in AÖS; then, strengthening the institutional and prudential base; and only after that, direct connection to AZİPS. This approach reduces systemic risks and creates conditions for the safe development of the country's payment ecosystem.
