Georgia has joined the global trend of open banking development. To achieve this complex goal, it is necessary to take care of the technology aspect and develop legislative acts. This will help define the rights and obligations of the parties involved in open banking and establish the rules of communication between them.

 

A draft Regulation on the Common and Secure Open Standards of Communication is based on the regulation accompanying the second Payment Services Directive (PSD 2) - Directive (EU) 2015/2366).

 

The purpose of the Regulation is to ensure effective and secure communication in terms of accessing account information and payment initiation services, to establish requirements for a common and secure open standards of communication, to create a safe environment for confidentiality and integrity, and to secure compatibility of different technology solutions.

"The Regulation is available here"