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

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 June 3, 2026, fell by 0.01 points compared to June 2, to 368.52 drams.

Collapse of the US currency market could negatively impact Armenia – Central Bank

A collapse of the US currency market could negatively impact the Armenian market, stated Martin Galstyan, Governor of the Central Bank of Armenia.

Acba Bank summarized 2025 results with impressive figures

At its annual general meeting of shareholders, Acba Bank summarized the results of 2025 with impressive figures and set new targets for the current year.

Armenia could become a platform for implementing insurance technologies and AI solutions: head of the Bureau of Motor Insurers

Armenia could become a practical platform for testing and implementing modern insurance technologies and solutions based on artificial intelligence.

Head of the Central Bank of Armenia sees no reason to panic over the depreciation of the dram

In the current situation in Armenia, there is no reason to panic over the depreciation of the dram, says Martin Galstyan, head of the Central Bank of Armenia.

LATEST NEWS

spot_imgspot_imgspot_img