IBA, Belarusbank sign framework agreement

Oct 21, 2010 (Trend News Agency - McClatchy-Tribune Information Services via COMTEX) --

The International Bank of Azerbaijan (IBA) and Belarusbank signed a framework agreement stipulating cooperation in many areas of banking sphere and customer service on the territory of Belarus and Azerbaijan. The document was singed in the framework of the third International Conference on the topic "Financial Institutions -- the basis of structural modernization of the CIS economy" in Baku.

"The agreement also provides for transnational contracts," IBA Chairman Jahangir Hajiyev said at the news conference. "The relations between the two countries are developing dynamically."

The IBA has also entered into a memorandum with Coinstar Eurasia Limited to launch the "cash-to-card" project.

"IBA together with Coinstar has been operating on this project for a long time and today we have almost closed the chapter on a certain stage in this process. The payments will be made under this system from December," Hajiyev said.

First, there was developed a business model to determine the institutional order of cross-border transactions, money transfers through the completion of the bank cards issued by IBA.

Coinstar and the Azerbaijani Processing Centre AzeriCard prepared a technology platform that provides a direct connection to a processing center for the implementation of the "cash-to-card" transaction.

"This is a very interesting project, and actually the first in the CIS," Hajiyev said.


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