OREANDA-NEWS. March 11, 2010. DemirBank made some changes in the terms of Shimshek money transfer system, enabling money transfers within the country in 7 minutes, reported the press-centre of DemirBank.

The system enables money transfers in 3 currencies – AZN / USD / EUR – within the country. The amount of transfer can be received in the respective branch in 7 minutes.

“Shimshek money transfer system creates opportunities for people working or studying in the capital and regions to promptly make / receive money transfers. Therefore the service is in such a demand among population. The changes in the system are aimed at expanding the scope and increasing the attractiveness of the service” - said Yusif Jabbarov, deputy Chairman of the Executive Board.

DemirBank is cooperating with international money transfer systems such as Western Union, Contact, Migom, Bistraya Pochta, Coinstar and Zolotaya Korona that allows money transfers to and receipts from 200 countries. Through developed by DemirBank money transfer system “Shimshek” the population can transfer and receive money within country without opening an account. According to the program for the expansion of the money transfer systems, the Bank plans for the connection to new money transfer systems and other innovations.

One of the first banks of Azerbaijan, DemirBank (formerly called Azerdemiryolbank) started its operations in 1989. Shareholders of the Banks include large international financial institutions, such as European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).