Payment systems, payment channels, payment instruments, payment service providers, payment system operators, Fintech companies and consumers create Georgia’s payment ecosystem, that works by general rules and standard procedures, ensures the movement of funds within the economy.
Electronic payment is launched between the National Bank of Georgia and commercial banks. Unified formats and standards are introduced.
Commercial banks join SWIFT.
Georgian Card JSC, first private card processing company is established.
The first local payment card is released.
The first international VISA card is out.
The first International Mastercard is issued.
The first bank-client software is introduced.
The first interbank payment system (real-time gross settlements system) is introduced with the support of international financial organizations (IMF and USAID).
United Financial Corporation JSC, a card processing center is established.
The first SMS-based remote service is introduced.
The first Internet Banking is introduced.
The information between the participants of the RTGS system (National Bank and commercial banks) is only in electronic form.
All social assistance (pensions, IDP benefits, etc.) and salaries of public servants are gradually paid through the channels of banks and other credit institutions. In order to provide these benefits/salaries, the banks produce a payment card for the customers. They no longer need to go to a specific service center, but can withdraw their money from an ATM (service center) or make a payment at any card service point. This fact boosts the development of card payments.
Telephone remote service is introduced.
April
From April this year, the Treasury Service of the Ministry of Finance joins the RTGS system as a direct participant.
The first mobile application is launched.
The first contactless card is issued.
17 March
The IBAN format for accounts was introduced.
03 December
A new real-time gross settlement system (RTGS) is launched, replacing the system introduced 9 years ago. The process of introducing the new system is supported by the World Bank and USAID. Compared to the previous system, the new one offers improved and upgraded transfer processing, liquidity management tools, security and reporting for the participants. Innovative contemporary techniques of message processing are introduced. The system also offers improved systemic risk and operating day management, along with improved capacity in terms of transfer processing.
17 December
The first CSD system was introduced, closely integrated with the RTGS system that provided simultaneous settlement of securities and cash (DvP) and secured the liquidity needed for the RTGS system.
The first Law on the Payment system and Payment Services was adopted, developed on the basis of 4 Eurodirectives settlement finality, payment services, electronic money and financial collateral directives).
The first non-bank payment service provider was registered with the National Bank of Georgia.
October
The "Rule on Registration and Cancellation of Registration of a Payment System Operator with the National Bank of Georgia" was adopted.
February
The first payment system operator was registered.
The "Rule on the Execution of Payment Operations" was adopted, which regulated payment operations based on credit payment orders and collection orders in both Georgian Lari and foreign currencies.
The "Rule on Providing Necessary Information to Consumers when Rendering Payment Services" was adopted.
The first self-assessment of the National Bank of Georgia's RTGS system was conducted based on the CPMI-IOSCO Principles for Financial Market Infrastructures.
September
The "Rule on Strong Customer Authentication" was adopted, enhancing the security of payment services and protecting payment service users.
October
Georgian payment services legislation was brought into full compliance with the relevant EU Directive, specifically PSD2.
The foundation for implementing the Open Banking ecosystem in Georgia was laid; the "Regulation on Unified and Secure Open Communication Standards" entered into force.
November
The CPMI-IOSCO Principles for Financial Market Infrastructures were implemented in Georgian Legislation. The "Rule on the Supervision (Oversight) of Payment Systems and Payment System Operators" is adopted.
November
Subcategories of important systems and the criteria for designating a system as a relevant important subcategory were defined.
The first digital bank became a participant in the RTGS system.
December
The Dispute Resolution Commission under the National Bank of Georgia commenced operations. It serves as an independent, alternative dispute resolution mechanism that reviews disputes between payment service providers and consumers free of charge.
April
The RTGS system of the National Bank of Georgia was granted the status of a Systemically Important Payment System. Meanwhile, the payment systems of JSC "Georgian Card" and JSC "United Financial Corporation," the card payment system of JSC "Liberty Bank," and the internal payment systems of JSC "TBC Bank" and JSC "Bank of Georgia" were granted the status of Prominently Important Payment Systems.
The first microbank became a participant in the RTGS system.
May
The upgrade of the Real-Time Gross Settlement (RTGS) system was successfully completed.