Representatives of the national banks of Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan have reached a preliminary agreement on the integration of instant payment systems, media outlets report.
How the new system will work
A joint working group will be created to implement the initiative. It will include representatives from central banks and operators of national payment systems. Specialists will work on aligning technical standards, including payment message exchange formats, account detail structures, and security requirements. The work is expected to culminate in a roadmap for the phased implementation of the system.
It is expected that the implementation of a unified settlement mechanism will help increase mutual trade volumes and simplify tourist movement between the countries.
Kyrgyzstan's Participation
At the meeting held in Dushanbe, the delegation of the National Bank of the Kyrgyz Republic was led by Board Member Sanzhar Abdygaziev. The Kyrgyz side presented its experience in developing its own infrastructure to colleagues, including security measures and the ELQR unified national QR code standard.
Integration Participants
Context
The meeting of regulatory representatives took place in Dushanbe. The central banks of Azerbaijan, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan participated in the discussions.
