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

Armenian authorities expect capital market value to double to 1.3 trillion drams by 2031 – Pashinyan

The capital market in Armenia is projected to grow from 664 billion drams in 2025 to 1.3 trillion drams by 2031, as stated by Prime Minister Nikol Pashinyan while unveiling the election platform of the Civil Contract party.

Corporate tax collection in Armenia has increased to 265.8 billion drams; Pashinyan announced a 5.4-fold increase since 2017

As of April 20, 2026, corporate income tax collection in Armenia amounted to 265.8 billion drams, announced RA Prime Minister Nikol Pashinyan.

Euro, dollar, and ruble exchange rates against the Armenian dram fell: Central Bank of Armenia

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market as of April 22, 2026, decreased by 0.21 points compared to April 21, to 372.38 drams.

Unibank will provide refunds to bona fide business clients

In light of the decision of the Central Bank of the Republic of Armenia dated April 2, 2026, to reduce risk coefficients for applications from micro, small, and medium-sized enterprises when calculating credit risk, Unibank is reviewing and improving its lending terms.

Sona Ishkhanyan elected Chairperson of Acba Bank Board

Sona Ishkhanyan has been elected as Chair of the Acba Bank Board.  

LATEST NEWS

spot_imgspot_imgspot_img