Head of the Union of Banks of Armenia names reason for failures of ArCa payment system

YEREVAN, August 1. /ARКА/. The reasons behind the recent failures in the national ArCa payment system are being studied with the involvement of international experts, announced the head of the Union of Banks of Armenia (UBA) Daniel Azatyan.

Armenian Card CJSC y reported failures in the system earlier this week, due to which payments, money transfers and other transactions were unavailable.

“There are no data leaks or server failures. The problems are purely technical, everything will be done to ensure that they do not recur, and the system operates smoothly,” Azatyan said at a press conference on Friday.

He said the failures had a negative impact on banks, but there is no data on the damage for each specific bank

Azatyan said that even at the time of the failure, credit cards of Armenian banks could be used to pay abroad.

“Significant changes are being made in the ArCa system, both in structure and management. Technical and software changes are also being made,” Azatyan assured.-0-

spot_img

POPULAR

Market capitalization exceeded 426 billion drams in July – Armenia Securities Exchange

Equity market capitalization exceeded 426 billion drams in July 2026, the press service of the Armenia Securities Exchange (AMX) reported.

Ranking of Armenia’s Largest Credit Institutions by Total Capital in H1 2026

ARKA News Agency publishes a ranking of Armenia's largest credit institutions by total capital for the first half of 2026.

Dollar and euro exchange rates against the Armenian dram rose, while the ruble weakened: Central Bank

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market, increased by 1.03 points on August 4, 2026, compared to August 3, to 367.01 drams.

Armenian banks’ loan portfolio in the first half of the year amounted to 8.8 trillion drams, up 11.5% – Union of Banks

The loan portfolio of Armenian banks in the first half of 2026 amounted to 8.8 trillion drams, up 11.5%, reported Daniel Azatyan, head of the Union of Banks of the Republic.

Central Bank: Armenia’s current public debt level is not a cause for concern

The current level of Armenia's public debt is not a cause for concern, stated Deputy Governor of the Central Bank of Armenia Hovhannes Khachatryan.

LATEST NEWS

spot_imgspot_imgspot_img