Irrevocability and Finality


    1. The moment of receipt of a payment order in the system is considered to be its acceptance by the system for settlement and from that moment it cannot be revoked either by the system participants or by third parties, including liquidators, insolvency administrators, temporary administrators, administrative or judiciary bodies.


    2. The settlement becomes final from the moment the funds are debited from or credited to the settlement account of the respective participant.


    3. Before, during or after a change in the status of the payment order in the RTGS system, its irrevocability and finality are not disputed by the participant.


    4. The design of the RTGS system ensures transparent and irrevocable settlement


    5. The irrevocability and finality of a transfer order in the RTGS system is governed by the legislation (Law of Georgia on Payment Systems and Payment Services).


    6. In case of commencement of a limited activity regime against a system participant, a payment order is irrevocable only for the volume of payment orders received by the system prior to the start of the limited activity regime, or for the net liability calculated on their basis.