ECONOMY
Azerbaijan and two more countries to launch STEFI money transfer system this May
Baku, May 13 (AZERTAC). Azerpoct Ltd, the national postal operator of Azerbaijan, continues testing of the system of urgent money transfers (UMTs) via Secured Transfer of Electronic Financial Information (STEFI) with two more countries including Kazakhstan and Uzbekistan this May.
According to the Ministry of Information and Communication Technologies, Azerpoct has already carried out exchange on urgent money transfers via STEFI with Belarus this year.
The advantage of the new system is that the term money transfer is conducted within an hour, and the amount transferred to the recipient is paid for 3 hours.
Today, Azerpoct (Ministry of Communications & IT) provides money transfers with Russia, Moldova, Belarus, Ukraine, Kazakhstan, Georgia and the United Arab Emirates.
The Secured Transfer of Electronic Financial Information (STEFI) is intended to complement the IFS family.
The International Financial System application (IFS) is a software application developed by the Postal technology Centre (PTC) to help Posts replace their traditional paper money order services with electronic money order services. IFS uses electronic data interchange (EDI) to send international money order data electronically, using sophisticated data encryption techniques to ensure the integrity of the data sent over the postal network. IFS also helps Posts provide electronic domestic money orders services.