Georgian Payment Ecosystem

Payment systemspayment channelspayment instrumentspayment service providerspayment 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.

1997Year

Electronic payment is launched between the National Bank of Georgia and commercial banks. Unified formats and standards are introduced.

1997Year

Commercial banks join SWIFT.

1997Year

Georgian Card JSC, first private card processing company is established.

1997Year

The first local payment card is released.

1998Year

The first international VISA card is out.

1999Year

The first International Mastercard is issued.

2000Year

The first bank-client software is introduced.

2001Year

The first interbank payment system (real-time gross settlements system) is introduced with the support of international financial organizations (IMF and USAID).

2001Year

United Financial Corporation JSC, a card processing center is established.

2001Year

The first SMS-based remote service is introduced.

2002Year

The first Internet Banking is introduced.

2003Year

The information between the participants of the RTGS system (National Bank and commercial banks) is only in electronic form.

2004Year

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.

2005Year

Telephone remote service is introduced.

2007Year

April

From April this year, the Treasury Service of the Ministry of Finance joins the RTGS system as a direct participant.

2008Year

The first mobile application is launched.

2009Year

The first contactless card is issued.

2010Year

17 March

The IBAN format for accounts was introduced.

2010Year

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.

2010Year

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.

 

2012Year

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).

2012Year

The first non-bank payment service provider was registered with the National Bank of Georgia.

2012Year

October

The "Rule on Registration and Cancellation of Registration of a Payment System Operator with the National Bank of Georgia" was adopted.

2013Year

February

The first payment system operator was registered.

2015Year

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.

2016Year

The "Rule on Providing Necessary Information to Consumers when Rendering Payment Services" was adopted.

2018Year

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.

2020Year

September

The "Rule on Strong Customer Authentication" was adopted, enhancing the security of payment services and protecting payment service users.

2022Year

October

Georgian payment services legislation was brought into full compliance with the relevant EU Directive, specifically PSD2.

2022Year

The foundation for implementing the Open Banking ecosystem in Georgia was laid; the "Regulation on Unified and Secure Open Communication Standards" entered into force.

2023Year

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.

2023Year

November

Subcategories of important systems and the criteria for designating a system as a relevant important subcategory were defined.

2023Year

The first digital bank became a participant in the RTGS system.

2023Year

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.

2024Year

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.

2025Year

The first microbank became a participant in the RTGS system.

2026Year

May

The upgrade of the Real-Time Gross Settlement (RTGS) system was successfully completed.