The National Bank of Georgia has announced an open international tender for the procurement of an Instant Payment System (IPS), to be implemented in compliance with the procurement procedures of the World Bank.

All payment system providers who fully meet the tender requirements will be eligible to participate in the tender. The system providers and their staff are required to have the appropriate experience in complex payment systems. The deadline for receiving bids is April 10 of the current year. The pre-bid meeting with those interested in participating in the bidding will be held on March 14 of this year.

The instant payments system is an electronic retail payment solution available 24/7/365, the payments are executed instantly, and upon execution, the funds are immediately available to the recipients. The system introduced by the National Bank of Georgia allows payments to be made in GEL. Commercial banks and other (non-bank) payment service providers will be involved in the instant payment system. Customers will be able to use all available channels and means to initiate payments, including branches, internet bank, mobile application, QR code, etc.