At the annual congress in Copenhagen (Denmark) the National Bank of Georgia signed a Memorandum of Understanding with SWIFT (Society for Worldwide Interbank Financial Communication). The National Bank of Georgia delegation was headed by Giorgi Glonti,  the Vice President of the National Bank of Georgia.   According to Giorgi Glonti, the Vice President of the National Bank of Georgia, in a first phase the Automatic Clearing House (ACH) will contribute to increasing the role of the national payments system, enhancing the efficiency of the financial markets, attracting foreign investments, and supporting growth of the national economy. In a second phase, the RTGS system will be upgraded to use the FIN Copy mechanism and strengthen the National Bank’s payments clearing services.-“ We expect considerable benefits in terms of efficiency, interoperability, and later on harmonization, boosting Georgia’s integration in international payments systems” said Giorgi Glonti, the Vice President  of the National Bank of Georgia.   SWIFT was represented by David Price, Head of Commercial Channels and Developing Markets, Gary Bertone, Director of Banking Market Infrastructures, Steven Palstermans, Regional Manager for Russia and CIS, Stéphane Ernst, Banking Market Infrastructures Business Manager for Europe, Russia and CIS. The National Bank was also represented by Nikoloz Tutberidze, Head of Technical Operation Sector-IT Department.   The International system SWIFT is included in 7500 financial institutes of the 200 countries all over the world. The National Bank of Georgia became a member of the system from the year 1996. Now SWIFT service is used by 19 commercial banks of Georgia who carry out transfer procedures individually.