“By the decision of the Parliament of Georgia, in order to promote competition and increase efficiency in the country’s payment market, the National Bank of Georgia (NBG) has been granted the authority to open settlement accounts for registered payment service providers (PSPs) that are participants in significant systems,” the press statement of the bank reads.

“It is noteworthy that access to the National Bank of Georgia’s new payment infrastructure will be available to such providers even without an account; however, the opportunity to open an account will bring them significant additional benefits.

Having a settlement account will allow providers to conduct settlements directly, without the need for commercial bank intermediaries. This reduces dependence on commercial banks, as well as costs and operational constraints. As a result, payment transactions for customers of registered payment service providers will be executed faster and more flexibly,” the press statement reads.

The NBG also stated that this change marks a significant step forward in enhancing the competitive environment, which in turn drives the development of innovative products tailored to customer needs within the Georgian financial sector.