Azerbaijan's Banks Increase Participation In VAIS Electronic Guarantee System

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 8. At present, 6 banks have fully integrated into the Vahis Automated Information System (VAIS), serving 80% of business entities, said the CBA representative Mushfig Karimov, Trend reports.

Speaking at the event titled“Customs-Business Forum 2025: Dialogue and Trust,” Karimov said that the Central Bank of Azerbaijan (CBA) and the country's State Customs Committee are jointly implementing a project that enables banks and insurance companies to provide customs guarantees and insurance documents electronically.

“The Central Bank has a joint project with the State Customs Committee. This project envisions the electronic submission of customs guarantees by banks and insurance documents by insurance companies. At present, 6 banks have fully integrated into the VAIS system. These banks serve 80% of business entities. Another 3 banks are in the testing phase and are expected to join the system soon. One insurance company is also in test mode and will connect to the system. The biggest advantage of this system is the rapid processing of customs procedures, full automation, and operation in a 24/7 mode,” he said.

Karimov added that reforms carried out by the Central Bank to support entrepreneurship and digital integration projects play a key role in modernizing customs processes:

“Trade flows do not rely solely on technical infrastructure; digitalization is also a crucial component. The electronic integration of bank guarantees, and insurance contracts was discussed, along with their advantages. These mechanisms act as a safeguard. Overall, we are witnessing the development of trade flows and logistics along the Middle Corridor. I believe a new logistics model is emerging in the region, and the formation of this model shows how essential a guarantee system for payments in trade flows has become,” the CBA representative emphasized.

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