The National Bank of Georgia continues to support the development of open banking/finance ecosystem. For this purpose, new API (Application Programming Interface) services have been launched. The former will contribute to improving financial services and increasing user access to various types of financial products.

Apart from existing services, additional types of API services became available:

• Recurring/multiple payment initiation service
• Payment initiation service by the future date
• Variable Recurring Payments (VRPs for Sweeping)
• Deposit information sharing service
• Loan information sharing service

New API services are based on best practices and represent an important step in the process of modernizing, increasing competitiveness and increasing transparency in Georgian financial ecosystem. Apart from this, implementing new API services will foster the creation of innovative business models.

Open banking creates a technological framework which enables banks, financial institutions, and fintech companies to exchange their financial data for various purposes through safe, standardized channels, given the users’ consent. New API services will accelerate this process, which will positively impact the development of fintech sector and the development of various innovative products.

It’s important to note that deposit information sharing API has already become the driving force behind the formation of multi-billion dollar businesses in Europe. According to the German fintech company, using an API, a third-party provider can offer customers to place deposits at different banks to get the best interest rate. This company created a “digital trading platform”, where the users manage their savings in different European banks in a single space. Today, the company cooperates with more than 400 financial institutes in more than 30 countries. They make industrial decisions which promote transparency and efficiency within the financial system. This success story demonstrates that implementing open APIs contributes to the development of new business models, democratizes the market, and offers users better financial services.

NBG’s innovations office is always ready to help interested parties. In case of interest or any questions, please don’t hesitate to contact us: innovationoffice@nbg.gov.ge