Baku Forum Results: Partnership with SINAM and ATMs as a Source of Income

The VI International Banking Forum, titled “Reliable, Safe, and Sustainable Banking,” took place in Baku on November 24 and 25. BS/2 was a premium sponsor of the event. Representatives of state and commercial banks, leaders of national and international business organizations, public figures, and Lithuanian Ambassador to Azerbaijan Egidijus Navikas visited the exhibition booth BS/2.

Solutions that enable financial institutions to generate extra income through ATMs sparked the most interest. Self-service devices can be used, for example, as a currency exchange point. This opportunity is provided by the software FCX.iQ. The solution automates the setting up of currency rates, amounts of commissions, and exchange pairs. And a platform for money transfers and accepting payments Payments.iQ expands ATM functionality with additional options for paying for services (taxes, fines, utilities), buying tickets, replenishing accounts.

BS/2 booth was also featured:

• Modern ATMs by Diebold Nixdorf (DN Series 200H) with the recirculation system

Up to 300 banknotes in 8 different denominations can be handled by the devices in a single transaction. Due to their effectiveness, they can be used in public spaces. The decrease in the number of collections, as well as the time and money spent on them, is an additional advantage.

• Software products for self-service devices (ProFlex4, Vynamic Marketing, ATMeye.iQ, Cash Management.iQ).

By implementing these solutions, you can guarantee that devices continue to operate without interruption and cut operating expenses for ATMs by up to 50%. The solutions have an easy-to-use interface, which benefits both the customer and the staff members who service the equipment in terms of their user experience.

• EFTPOS terminals and the TransLink.iQ software platform for them.

These contemporary mobile operating system-based gadgets are in high demand among retail and service businesses because contactless payments are also supported by them. In Azerbaijan, the non-cash circulation rate is over 42%, and the number of contactless payments has recently doubled. Due to the usage of Visa, MasterCard, and UnionPay cards in this region, it is crucial to maintain secure transaction routing within both national and international payment systems. This is why more than 10 banks in the country have joined the TransLink.iQ platform to manage their terminal network.

• Cash management equipment (banknote leveler Tresmer TSB-1000, cash sorting machine CPS X5500, desktop devices for cash processing X2300).

These machines can automate cash sorting routines that are currently done manually, speeding up the process by up to 70%. The machines’ downtime is minimal since they can quickly identify damaged bills and are simple to fix jams.

• Retail equipment: self-checkout systems with coins and bills recycling Diebold Nixdorf and peripheral devices.

The geography of participants covered the countries of the Caucasus region, Eastern Europe, the European Union, as well as Turkey, and the USA. The attendees talked about post-covid banking, digital platforms and equipment for payment processing, cybersecurity trends, the future of financial services, and other fintech-related topics. Kirill Ovsiannikov, Deputy General Director of BS/2, talked about trends in the banking sector’s digital transformation:

“It varies from service to service how easily digital tools are implemented. Clients want to resolve some issues during interpersonal communication with the help of a bank employee. Most of the time, it’s consulting. Don’t forget the audience either, which has limited access to modern technologies. As long as clients find these formats convenient, traditional bank branches, ATM networks, and self-service kiosks will continue to be in demand.”

One of the results of the event was the memorandum of partnership with the Azerbaijani IT company SINAM. The document was signed by Ilgar Hasanov, the head of BS/2’s regional office, and Elchin Aliyev, the president of SINAM. The parties have agreed on the joint development of a solution for issuing instant loans to individuals through ATMs. Face recognition technology will be utilized as an identification proof for that.

The International Banking Forum, the most prestigious financial and banking event in Transcaucasia, takes place every year in Baku. The 6th Forum was held with the support of the Central Bank of the Republic of Azerbaijan, the Association of Banks of Azerbaijan, and the Center for Economic Reforms.

Since 1999, BS/2 has operated in the Azerbaijani market. BS/2 service centers are available in Gandja and Baku, and their staff members maintain and repair banking equipment and payment terminals in addition to carrying out technological projects.

Among the most recent successful cases that BS/2 has carried out in Azerbaijan is the installation of a cash register, inventory, and warehouse management equipment at the leading retail chains Bravo, Bazarstore, ARAZ, RAHAT. The BS/2 team also contributed to the development of an effective and user-friendly self-service environment for such Azerbaijani banks as Kapital Bank, ABB, Azer Turk Bank, Muganbank, Xalq Bank, Rabitabank, Yelo Bank, Ziraat Bank, Bank Respublika, Expressbank, Premium Bank.

Click here to view our speaker’s presentation and learn more about the solutions discussed in the forum.