Azerbaijan To Realize Execution Of Pensions And Social Benefits Via Instant Payment System

2026-06-09 08:08:37

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 9. Pensions and social benefits will be paid through the Instant Payments System (IPS) in Azerbaijan, Senior Software Engineer/Payment Systems Administrator at the Central Bank of Azerbaijan (CBA), Tofig Ajirgayev, said during the 10th International Finance and Banking Summit taking place in Baku, Trend reports.

According to him, the CBA is actively discussing the organization of cross-border payments with Turkey and the United Arab Emirates (UAE), and is considering various integration models and cooperation mechanisms.

The CBA official provided detailed information about two important projects currently being implemented by the institution.

Freedom in bank choice and improvement of payment systems

Ajirgayev noted that the first project envisages ensuring freedom of choice of bank for citizens in the distribution of pensions, salaries, and social payments.

"This module is not mandatory. The main goal here is to create alternative opportunities for recipients of funds to choose a bank. Thus, special service packages provided by banks to pensioners, including incentive measures for non-cash payments, will be expanded. Constant discussions are being held between the parties involved in the integration of this multifaceted and large-scale project, and these negotiations determine the future direction of the process. At the initial stage, salary payments, and in the subsequent stages, pensions and social benefits will be implemented through the Instant Payments System," he explained.

The CBA official also emphasized that the functionality of limited bulk payments for organizations integrated into the IPS will be changed, and the limit will be raised. According to him, within the framework of the payroll project, it will now be possible to execute more than 100 payments within one operation.

Cross-border payments: Global trends and steps of Azerbaijan

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