The BS/2 banking technology company, together with Kapital Bank, one of Azerbaijan's largest and most influential banks, are currently implementing the Payment.iQ project, its goal being to add e-banking functions to ATMs and payment terminals. This is one of the first projects of its kind in Eastern Europe and Central Asia.
According to Jevgenijus Å½uljevas, a BS/2 representative, Payment.iQ will significantly extend the range of functions available to ATM users, turning the self-service device into an additional service provision channel.
"When this project is implemented, the same ATM will provide customers not only with the cash acceptance/dispensing functions, but with the whole range of e-banking functions. This means that it will be possible to use an ATM to transfer money from one account to another, pay utility and other bills, recharge prepaid cards, etc. In a word, the number of potentially implementable functions is unlimited," commented Å½uljevas.
According to the expert, while similar attempts to add e-banking functions to self-service devices have been made before, the Payment.iQ solution is somewhat more flexible and universal, because it is limited to the payment terminals of a particular vendor. It may be easily combined with products from various vendors, and it may be installed in other kinds of self-service devices as well as in ATMs and payment terminals, regardless of the system used. This is why it is not surprising that this solution has been attracting strong interest from banks and other financial institutions from not only Azerbaijan, but also from other Eastern European and Central Asian countries.