Azerbaijan may increase speed of remittance operations with other countries

Azerbaijan has successfully completed testing activities for connecting to a faster money transfer system called the Secured Transfer of Electronic Financial Information (STEFI). According to information provided to ‘ICTnews’ by the ‘Azerpocht’ LLC, ‘STEFI’ has already solved all technical issues in this regard.  This means that Azerbaijan is ready to conduct fast-speed remittance operations with foreign countries.

Work is now underway to integrate the ‘STEFI’ system into the ‘Colvir’ system. The ‘STEFI’ system will be commenced as soon as the integration has been completed.  Let’s note that after connecting to the ‘STEFI’ international money transfer system, which is much faster than the previous one, Azerbaijan began to conduct remittance operations with Russia, Ukraine, Belorussia, Kazakhstan, Moldova and the United Arab Emirates.        

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02 October 2023

01 10 2023