Industry

Shared ATM network of commercial banks put into operation at the initiative of the Central Bank

Baku: The Central Bank of the Republic of Azerbaijan carries out continuous infrastructure and promotional measures on application of more favorable tariff policies by payment service operators and providers, as well as optimization of payment service fees for consumers and economic agents, and always focuses on their implementation.

To expand financial inclusiveness as part of related measures, a ‘shared ATM network’ – widely used in international practice – was created using the opportunities of the Interbank Card Center operated by the Central Bank. For this purpose a collective agreement was signed on joint use of existing ATM network of 11 banks (the AccessBank CJSC, the AFB Bank OJSC, the Azər-Türk Bank OJSC, the Bank of Baku OJSC, the Expressbank OJSC, the Günay Bank OJSC, the TuranBank OJSC, the Unibank CB OJSC, the Yelo Bank OJSC, the Yapı Kredi Bank Azerbaijan CJSC, the Ziraat Bank Azerbaijan OJSC) and the Azerpost LLC. As a result, customers of these banks will be able to use the ‘shared ATM network’ of 500 ATMs on more favorable terms. The shared ATM network will allow banks to optimize costs of the ATM network in order to provide more affordable financial services to customers.

In future, it is planned to expand the coverage of the shared ATM network and integrate other banks to the network as well. At the same time, the Central Bank will take continuous measures to make payment service fees more affordable for consumers and businesses.

 

Source: Central Bank of the Republic of Azerbaijan