The National Bank of Georgia (NBG) hosted a meeting with representatives from the banking and non-banking financial sectors to discuss key ongoing payment system projects. The primary focus was the Real-Time Gross Settlement System (RTGS) upgrade and anticipated changes associated with the implementation of the Instant Payment System (IPS). 

NBG Vice Governor Ekaterine Galdava opened the meeting by outlining the transformative changes these projects will bring. She emphasized the Bank’s commitment to granting non-banking payment service providers access to payment systems. 

“Providing access to payment systems for non-banking payment service providers will foster competitiveness and support the introduction of innovative payment products. Through a series of presentations and training sessions, we aim to equip these new participants with the knowledge and tools needed to integrate into the payment system. These sessions will address both legislative aspects and practical experiences,” noted Galdava. 

Representatives of the Payment Systems Department shared the banking sector’s experience with payment service providers regarding obligations related to opening payment accounts and delivering comprehensive services. Specifically, they discussed the International Bank Account Number (IBAN) format and the new responsibilities for providers concerning the management of collection orders.

The meeting was highly interactive, allowing participants to voice their perspectives on upcoming technological advancements and legislative updates.