The National Bank of Georgia continues to advance the development of the open banking ecosystem, fostering increased competition in the financial sector. Another significant step has been taken in this direction – the currency exchange service provider, LLC "Verto," has become a participant in the open banking system.

Open banking enables the diversification of financial services and the creation of innovative, fast, and secure solutions for consumers. The inclusion of "Verto" with its unique product in this system sets the stage for new opportunities, providing users with greater flexibility in managing their financial transactions.

Through the integration of open APIs (Application Programming Interfaces), the company will offer customers access to account information and payment initiation services, which will simplify the financial transaction process and enhance the user experience, especially considering the rising trend in the development of digital financial services.

The National Bank of Georgia is actively working on strengthening the framework for open banking, which ensures the sustainable development of the financial ecosystem, data security, and the creation of a competitive environment. The inclusion of new participants will increase the variety of services available to customers and will also contribute to the digital transformation of the financial sector.

It is worth noting that the implementation of open banking is a strategically important step in the digital transformation of the economy. The role of financial technologies is increasing, and consumer demands are becoming more dynamic. In this process, the National Bank of Georgia expresses its continuous readiness to support various innovative solutions and the development of the open banking ecosystem.

If you have any questions or inquiries, you can contact the NBG Innovation Office at  innovationoffice@nbg.gov.ge