Baku: The Central Bank of Azerbaijan has announced plans to establish a centralized system designed to facilitate automated information exchange among banks, payment institutions, and law enforcement agencies to combat digital fraud effectively. This initiative was revealed by Elvin Juvarov, a specialist in payment systems and product development at the Central Bank, during his presentation at the IX International Banking Forum.

According to Azeri-Press News Agency, Juvarov emphasized that initial discussions on the project have already begun. The proposed system is expected to be a ‘significant turning point’ in the fight against fraud. Juvarov noted that the unified platform will enhance coordination between banks and the police by preventing complaints from being misplaced and ensuring real-time information transmission. The system will also enable a prompt assessment of risks and facilitate the formation of complete and accurate statistics.