Payment System Operators

A legal entity is entitled to manage the payment system in Georgia only after registration with the National Bank of Georgia as a payment system operator.

 

This registration requirement does not apply to the following entities:

 

a) National Bank of Georgia (National Bank systems);

b) Central Depository licensed by the National Bank of Georgia;

c) A commercial bank licensed by the National Bank of Georgia;

d) An internationally recognized payment system operator, not registered in accordance with the legislation of Georgia as a legal entity or a branch of a legal entity;

e) The payment service provider, and if this system is used to provide payment services only to the customers of this provider.

 

The registration requirements and the registration procedure for the payment system operator are defined in Article 2 of the Regulation on Registration (and cancellation of registration) of a Payment System Operator.

 

In accordance with subparagraph b) Paragraph 11, Article 7 of the Law of Georgia on Registration Fees, the registration fee of a payment service provider is GEL 10,000. Pursuant to Article 3 of the same law, the registration fee must be paid before registration and directed to the budget of Georgia.

 

National Bank of Georgia

The Law of Georgia on Payment System and Payment Services authorites the NBG to manage payment and securities settlement systems.

 

The system title: 

• The real-time gross settlement system
• The Georgian securities settlement system

 

Payment system operators registered with the National Bank of Georgia

Two payment systems are registered with the National Bank of Georgia in accordance with the Regulation on Registration (and Cancellation of Registration) of the Payment System Operator with the National Bank of Georgia, approved under the Decree of the Governor of the National Bank of Georgia No.92/04, October 12, 2012

 

JSC “Georgian Card”

Registration Date: 14/02/2013

Registration Number: 0001-9204

 

 

JSC “United Financial Corporation“

Registration Date: 26/02/2013

Registration Number: 0002-9204