Georgian commercial banks will be included in the BICplusIBAN Directory maintained by the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") from October 2nd with the support of  the National Bank of Georgia.

SWIFT BICPlusIBAN is a bank codes directory containing worldwide data of various financial institutions. The directory is updated by monthly basis. Using BICplusIBAN system will make money transfer from foreign countries to Georgia, on the accounts presented in IBAN format, easier. In particular, the paying bank will be able to identify the recipient bank only by IBAN account, meaning that the person, making transfer to Georgia, will only have to present the IBAN account and the client name at a bank having the BICplusIBAN service and s/he will not have to present the recipient bank code, the name of the  bank and other details.  This will make the transfer procedure faster and will reduce operational mistakes.

Georgia started to use the International Bank Account Number (IBAN) format from May 3, 2010. The IBAN is now used in 50 more countries other than Georgia.