PASHA Bank implements advanced solution – Open Banking concept

Azerbaijan’s leading corporate bank, PASHA Bank, continues to implement advanced digital solutions to meet the needs of businesses in the local market and contribute to their sustainable development.

Starting from this year, PASHA Bank has been actively implementing the concept of Open Banking. The concept involves the use of a new ecosystem that incorporates technological solutions from third-party companies that specialize in providing fintech services to customers. By applying the “Open Banking” architecture, PASHA Bank provides technological solutions that directly affect the success of entrepreneurs’ business development, by allowing them solutions such as online accounting, reporting, account management, etc.

The first technological solution presented to customers within the framework of PASHA Bank’s “Open Banking” concept is an online accounting product called “Hesabat”. In partnership with TechFin, businesses were provided with cloud-based accounting and financial management services with full integration of financial information. PASHA Bank customers can benefit from operational transaction registration, database insurance, automatic payment reflection, multifunctional management, and other benefits. Such service is implemented in Azerbaijan for the first time.

According to Vusal Khalilov, General Director of PASHA Bank’s Technology Block, one of the most important results of the Open Banking approach is the strengthening of healthy competition in the market, which will lead to the creation of new and quality products and services.

According to the principles of “Open Banking”, market participants can open new horizons for mutually beneficial cooperation with companies in the “fintech” segment by deeply analyzing the prospects and opportunities for the application of new business models. PASHA Bank aims to support the sustainable development of its customers’ businesses and further simplify business processes. Thus, as a result of PASHA Bank’s active application of the Open Banking principles, the Bank’s customers will gain additional competitive advantages through the application of the latest technological solutions. The partners who can provide solutions will be able to provide services to a wide customer base

Vusal Khalilov