The National Committee for Management of Payment Systems of Georgia has changed its name and structure. It is now called Georgian Payment Systems Development Committee. The first meeting of the Committee was held at the National Bank on June 2.According to Giorgi Glonti, Vice-president and chairman of the Committee, for purposes of further development, improvement and efficiency of payment systems of Georgia, the the National Committee for Management of Payment Systems of Georgia established in 2002 underwent certain changes. The distribution of functions between the Committee and the Working Group existing with the Committee was inefficient. Thus, a new committee was formed, recruited with qualified specialists from the National Bank, commercial banks, stock exchange, inter-bank foreign exchange, Treasury, Tax Service, Georgian Card and UFC Financial Corporation. According to Giorgi Glonti, the purpose of the Committee is to make the services cheaper for the ultimate consumers of the payment systems, and ease the access. For the financial system of the country it is important to have low cost price of the service and high degree of reliability. The Committee should work to implement effective alternative systems of inter-bank settlements in order to facilitate the integration of the Georgian payment systems into the international system. The Committee discussed the strategic directors of work, as well as further development of RTGS system, payment with plastic cards, clearing and automatic overdrafts, and necessity of risk management in crisis situations. The Georgian Payment Systems Development Committee started reviewing the draft regulations on Non-cash Payment and Payments with Plastic Cards. Suggestions a