Azerbaijan to launch STEFI money transfer system with 4 more countries
Azerpoct Ltd, the national postal operator of Azerbaijan, is preparing to start-up the system of urgent money transfers (UMTs) via Secured Transfer of Electronic Financial Information (STEFI) with Belarus.
Novruz Mammadov, the head of the Postal Office of the Ministry of Communications & Information Technology (MCIT), says that in August Azerpoct Ltd introduced a system of money transfers via STEFI between Azerbaijan and Ukraine.
He added that the service is introduced in accordance with the International Postal Union’s recommendation and in the future it is planned to organize similar opportunities for UMTs with Belarus, Russia, Kazakhstan and Moldova.
“Agreements for exchange of urgent money transfers via STEFI were signed with Ukraine and Belarus. The new system advantage is that the remittance is carried out within an hour, and the transferred amount is paid to the recipient within 3 hours,” Mammadov emphasized earlier.
At present, Azerpoct (under the MCIT) conducts money transfers with Russia, Moldova, Belarus, Ukraine, Kazakhstan, Georgia and the United Arab Emirates.
