BS/2 Presented Solutions for Optimizing Cash Circulation in Azerbaijan

BS/2 is hosting a series of “Cash Solutions 2023” seminars. The first event took place in Baku with the informational and organizational support of the Central Bank of Azerbaijan and Azerbaijan Banks Association (ABA). Over 50 specialists and top managers from 24 financial organizations attended. 

 “We aspire for the banking sector in Azerbaijan to be technologically advanced, practical, efficient, transparent, and secure. We receive ideas from our clients, which we test, and strive to implement them based on regional nuances and specific business requirements. One promising area for collaboration is the incorporation of coin dispensing technology into self-service devices. This feature comes in handy when a client uses an ATM to pay for a service in cash and requires change. There are already examples of this technology being successfully deployed,”

said Kirill Ovsyannikov, Deputy General Director for Strategic Development at BS/2. 

The number of ATMs in Azerbaijan increased by 3.1% over the year and reached 2,997 units by the beginning of 2023. More than half of them is located in the capital city. Many of these self-service devices were supplied and integrated into the business environment by the BS/2 team. 

 In addition to BS/2 experts, representatives of partner banks also spoke at the seminar, discussing the transformation of cash operations.

Andris Kaulakans, a board member of the security and collection services company Eurocash1 from Latvia, shared his experience of organizing a commercially successful cash collection service.

Head of currency analysis and anti-counterfeiting division at the CBA, Nasib Panahli, announced the establishment of a fully automated Cash Center in the country. In addition, he mentioned that amendments will be made to the “On the Central Bank of Azerbaijan” law to establish the minimum equipment requirements for cash handling.

Furthermore, the seminar showcased the Cash Management.iQ software product designed to optimize cash circulation as well as advanced cash counting and processing devices manufactured by the industry’s leading companies from Europe.

The seminar provided a comfortable networking platform where participants exchanged experiences and ideas with colleagues.

It is planned that such events will take place in three more countries: Georgia, Kazakhstan, and Uzbekistan. The next seminar will be held in Tbilisi on February 24, 2023.  

BS/2 has been at the forefront of creating specialized software and technological solutions for banks, financial institutions, trade, and service companies for over 25 years. BS/2’s innovative software solutions empower companies and financial organizations to streamline, automate, and optimize their business processes. As a part of the Penki kontinentai group, BS/2 provides world-class services in over 80 countries, with a presence in Azerbaijan since 1999.  

To learn more about the modern cash management solutions presented at the recent seminar in Baku, visit cashmanagementiq.com.