National Bank of Azerbaijan provided Millicard Processing Center

Millicard Processing center was established by the National Bank of Azerbaijan (NBA) in early 2005.

At the conference an establishment agreement was signed to give Card Processing Center at the service of Banks.

NBA told APA that the new LLC founders are Bank Standard, Tekhnikabank, Atabank, Unibank, Azerdemiryolbank, Bank Respublika, Parabank, Rabitabank, Turanbank, Azer-Turk Bank, Bank of Baku, CIBank, Debutbank, Amrahbank, Khalg Bank, Credobank, Azerbaijan Microfinance Bank, and Zaminbank.

Azerbaijani President approved State Program for 2005-2007 on development of National Payment System of Azerbaijan on Decembe9, 2004.

The State Program envisages further development of card payment system and establishment of National Cards Processing Center for purpose of development of inexpensive and high-quality bank services.

So, NBA set up Processing Center meeting international standards and the center was commissioned in early 2005. In a short period the center was certificated by international card institutions and started different services.

6 banks applied for Millicard Processing Center in late 2005 and the NBA approved the request and 12 banks also applied for the Center later on.

There are two Card Processing Centers in Azerbaijan currently - Azericard (founder is International Bank of Azerbaijan) and Milicard.