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Banks, payment institutions and electronic money institutions may involve payment agents domestically to provide the payment services specified in Articles 3.1.1, 3.1.2 and 3.1.4 of the Law of the Republic of Azerbaijan ‘on Payment Services and Payment Systems’. Additionally, banks and electronic money institutions may involve payment agents domestically to sell electronic money and refund the residual value of electronic money. Payment system providers are fully responsible for the payment services provided by payment agents they involve.
A payment agent is a a legal entity or an unincorporated individual providing payment services on behalf of a bank, a payment institution or an electronic money institution based on the agreement concluded with them.
The Central Bank maintains a public register of supervised entities and payment agents. The Register includes names of supervised entities, their branches and representative offices, legal addresses, names of their officials, registration numbers and dates of licenses issued and revoked, types of licensed activities, including the payment agent’s name, address, managers (if a legal entity), types of licensed activities, supervised entities terminated and information about payment agents.
