OREANDA-NEWS. May 02, 2008. The Azerbaijani banks are completing successfully their transfer to a new system of exchange of access keys within SWIFT telecommunications system, reported the press-centre of IBA.

“The transfer of all the domestic banks should finish by June 2008 and creation of single service office will start after this process completion, said Elmar Sadikhov, the Azericard processing company’s director.

The banks will have choice – either to connect to the single service office and save on costs when realizing its new projects or connect to SWIFT system independently.

There are two approaches towards the service office issue – its creation due to equity stakes of the ABA banks themselves or as a separate company. Small banks are for equity stake principle and large ones are ready to form the service office independently in the process of transfer to new software.

Azerbaijan system of large payments (AZIPS) is operating on the basis of SWIFT system.