Money Movers LLC, a payment service provider registered by the National Bank of Georgia, has become the latest non-banking institution in Georgia to receive approval from the NBG to participate in the open banking ecosystem. 

As part of this initiative, Money Movers LLC will leverage open banking APIs to provide customers with innovative, secure, and tailored financial products and services. The offerings include access to account information and payment initiation services, enabling the company to deliver highly customized solutions to its clients. 

This development also supports the effective monitoring of payment initiation open APIs implemented by commercial banks. By participating as a Third Party Provider (TPP), Money Movers LLC is set to enhance the adoption of financial services across Georgia, making them more accessible, flexible, and consumer-friendly. 

“To promote new technologies and develop the fintech ecosystem, the National Bank of Georgia has taken several successful steps, including the adoption of open banking. This initiative has the potential to benefit consumers and the broader financial sector,” noted Varlam Ebanoidze, Head of the Financial and Supervisory Technologies Department.  “The involvement of another non-banking institution is a significant milestone for both open banking and the fintech sector. Open banking enables fintech companies to innovate and deliver customer-centric services. Its full potential fosters the creation of cutting-edge financial products, improve service quality, increase competition, and establish new standards. Ultimately, consumers will benefit from personalized financial solutions designed to meet their needs.” 

 

Open banking facilitates the seamless exchange of information between financial institutions and other entities through secure electronic technologies, initiated by the consumer.