CBA: 24/7 online monitoring should be implemented in payment systems

Online monitoring should be conducted on a 24/7 basis in payment systems to strengthen information security and ensure the timely detection of potential risks, said Afgan Abbasov, Director of the Payment Systems and Product Development Department at the Central Bank of Azerbaijan (CBA), Report informs.

Speaking at the conference on Digital Financial Ecosystem: A New Stage in Governance, Abbasov noted that, as the use of cashless payments increases, both the volume and scope of payment transactions continue to expand in Azerbaijan and globally. This applies to inter-institutional settlements as well as everyday payments made by citizens.

He added that the CBA has established relevant information security requirements within its supervisory framework for financial markets. Ensuring compliance with these minimum requirements should remain one of the key priorities for the financial sector.

Abbasov emphasized that payment system participants should implement preventive and control mechanisms for transaction monitoring, continuously improve these mechanisms, and conduct regular oversight.

"While such processes were previously carried out offline, it is now critically important for monitoring to be conducted online and on a 24/7 basis. Specific requirements regarding this have been established in the relevant guidelines. Ensuring compliance with these minimum requirements should be a priority for all market participants," he added.