Azerbaijan's Bank Respublika introducing modern authentication-based open banking

By Trend

Azerbaijan’s Bank Respublika is introducing open banking based on the modern authentication model, head of the bank’s IT and innovation department Rashad Aliyev said, Trend reports.

Aliyev made the remark at the 5th International Banking Forum in Baku on Dec. 9.

According to him, the classical banking model envisions the interaction of the bank with the client, while the introduction of open banking enables both the bank and customers to use an expanded portfolio of banking instruments.

"Open banking at Bank Respublika is implemented on the basis of a modern authentication model and tokenized authorization. All technologies we are introducing in open banking comply with international standards," he noted.

Besides, according to him, in recent years the bank has been improving solutions such as Quantum (a platform for developers).

"This solution is similar to the open banking model representing innovative and secure solutions of our bank. These solutions can be useful for startups. A large number of open banking solutions are integrated into our Quantum platform, which will allow us to accelerate the implementation of this project. Today we presented 12 API (open source) solutions through our platform. Access to them is provided in demo mode (trial)," he further said.

The bank’s representative reminded that at the beginning of this year, the Central Bank of Azerbaijan (CBA) provided the bank with an opportunity to launch a pilot project on open banking in a test mode.

"So, jointly with several local payment systems, we have integrated our bank's "personal cabinet" into the hesab.az and e-pul payment systems. Via the Portmanat payment system platform, we have implemented a project that allows you to withdraw and replenish funds from the internal accounts of Bank Respublika and Portmanat In addition, the open API of our bank allows us to implement a large number of different projects," added Aliyev.