The National Bank of Georgia has completed work on updating the Regulation on Registration and Regulation of Payment Service Providers.

The update added two new payment services related to Open Banking - access to account information and payment initiation services, intended to further develop and diversify the payment services sector. The updates also contain the procedure for receiving payment service providers' registration application and registration requirements.

The updated regulation also defines the status of a significant provider, eligibility criteria for the provider's administrators, notification of changes in shareholding of both direct and indirect owners of a significant share and ultimate beneficial owners, and other important obligations towards registered providers.

The updated Regulation on Registration and Regulation of Payment Service Providers came into force on May 1 of this year. Therefore, entities interested in getting registered as payment service providers should be guided by the updated regulation when submitting an application to the National Bank of Georgia. The document is published in the legal acts section on the official website of the National Bank of Georgia.