The Azerbaijani fintech brand, YIĞIM Payment System, with its own high-tech developments and solutions has made a great contribution to the development of the financial sector and the fight against the shadow economy, founder and director of YIĞIM Vugar Jafarov told Trend.

He noted that the main products of the company are such solutions as 'All-in-one' and 'Internet acquiring'.

"The 'All in One' product allows an entrepreneur to start accepting payments through a large number of popular payment channels, including terminals, as well as their websites and applications with one connection: eManat, MilliÖn, ExpressPay, KassamAz, Kapital Bank, BirBank (Kapital Bank), PASHA Mobile Bank, ExpressPay, E-Pul, Portmanat, Umico, CIB, Rabitabank Mobile, IBAM," Jafarov said.

According to Jafarov, concluding a contract with the payment system simplifies business by centralizing payment management.

"We ourselves collect finances from payment channels and send them to our clients in a single payment. Even if the client does not have a program for integration, then using our personal account, the client can monitor their payments online," said Jafarov.

The founder of the system said that earlier companies had to spend a lot of time, money and human resources in order to get into any of the channels.

"Negotiating conditions with each channel, signing an agreement, integration, tests, and then monthly technical support, financial reconciliations, invoices, acts - all this led to the fact that companies had enough strength to achieve access to only a couple of channels. And those who had more channels spent more money on its monthly support. Companies also spend from six months to two years to find themselves in 2-4 payment channels, but we provide companies with more than ten channels on average for 10-40 days," he noted.

This payment system has played an important role for the payment channels themselves.

"With the help of lightweight integration, adding a service has become much easier and faster. In the past, it was almost impossible for new and small companies to enter terminals. To make it cost-effective for terminals to add a service, they had to charge a large amount for integration and a large commission for the service. And in terms of priorities, such companies had to wait for months, and this is unacceptable for new companies," Jafarov said.