RTGS System

     

    On December 3, 2010, the new Real Time Gross Settlement system operated by the National Bank of Georgia went live. The System processes high value as well as low value transactions. Transactions are submitted and processed both individually as well as in bulks.


    Participants of the system are the National Bank of Georgia, Treasure Department of Ministry of Finance of Georgia and Commercial Banks.


    By introducing a new RTGS system NBG offered effective and reliable payment service to the consumers of banking sector: operational risks are minimized; payment processing is significantly improved, during the day interbank payments are settled in real time, access to the system and information security is ensured by the use of modern technologies.


    Gridlock resolution automated mechanism is integrated into the system. Payments are processed based on their priorities. Monitoring and reporting functions are also improved.


    Through RTGS system banks are able to use intraday liquidity facility (ILF), using CSD System. Participant bank may use ILF in RTGS system within the scope of previously pledged securities.


    Customized SWIFT and ISO standard messages are used in RTGS system. This customization was done according to the needs of Georgian banking system.


    Close integration of RTGS system with CSD system facilitates simultaneousness of securities trade operations and settlement   with the Delivery versus Payment (DvP) principle. As a result of which such operations settlement risk is fully eliminated.


    System is functioning according to the conditions and timetable defined by the RTGS System Rules.

     

    RTGS System availability

    Availability 2019 2020
    RTGS > 99.9% > 99.9%

     

    Risk Management

    The National Bank of Georgia provides efficient, safe and reliable service of the RTGS system. The system is managed in accordance with relevant legislation, best international market standards and practices. There is a very low tolerance margin for financial and non-financial risks towards the RTGS system.
    Covid-19 did not affect the operational viability of the RTGS system and remained high again in 2020. The staff mainly worked remotely from home. The resolution of any operational issues was coordinated through virtual meetings and remote communication.