#Georgia #Montran #Tbilisi #Payment System #National Bank of Georgia

National Bank of Georgia Launches Modern RTGS Payment System in Partnership with Montran

The National Bank of Georgia (NBG), in collaboration with Montran, has made a significant advancement in the financial landscape of Georgia with the introduction of a modernized Real-Time Gross Settlement (RTGS) payment system. This upgraded Automated Transfer System (ATS) is designed to improve the efficiency and reliability of the nation's payment infrastructure, marking a prominent milestone following 25 years of collaboration between the two entities.

The newly implemented platform boasts a range of enhancements aimed at reinforcing the resilience, scalability, and operational efficiency of Georgia's financial ecosystem. One major feature includes support for ISO 20022 messaging, which is becoming the global standard for financial data exchange. This aligns Georgia's financial operations with international practices, ensuring that its infrastructure can meet current and future demands.

Key Features of the Upgraded System

The improved ATS allows for real-time payments and 24/7 processing capability, enhancing the speed and efficiency of financial transactions across the country. Additionally, the system introduces a modernized architectural framework that boosts processing performance and liquidity management. The bulk clearing capabilities integrated within the system facilitate easier handling of mass transaction volumes, thus streamlining operations for banks and financial institutions in Georgia.

Furthermore, the NBG is set to unveil an Instant Payments System (IPS) as part of this broader modernization effort. This system aims to deliver real-time transaction capabilities, catering to the increasing demand for instantaneous financial services. An IPS Proxy solution is also on the table, intended to simplify the payment addressing process, thereby enhancing user experience significantly.

In a statement regarding this venture, Ekaterine Galdava, Vice-Governor of the National Bank of Georgia, emphasized the importance of modernizing their payment infrastructure. Galdava stated, "This upgrade strengthens the resilience, scalability, and future readiness of Georgia's national payment infrastructure. It is pivotal in supporting the evolving needs of our financial ecosystem."

Similarly, Keith Esca, Executive Director at Montran, praised the lengthy partnership with the NBG, highlighting the shared commitment to building a modern, resilient financial framework aligned with international standards. He noted that this initiative demonstrates a progressive step towards achieving financial innovation within Georgia.

The Future of Financial Payments in Georgia

This successful launch is not only a testament to the long-standing cooperation between Montran and the National Bank of Georgia but also positions both organizations as key players in facilitating Georgia's financial modernization. As they advance collaboration, the implementation of the Instant Payment System is anticipated by the end of 2026, promising an even more refined experience for consumers and businesses alike.

The introduction of this upgraded payment system illustrates a significant leap forward in supporting efficient financial transactions, allowing Georgia to meet the global standards of payment infrastructure. With such advancements, Georgia is set to bolster its global competitiveness.

Montran remains at the forefront of providing cutting-edge payment and capital market infrastructure solutions, servicing financial institutions worldwide. Their experience and expertise played an essential role in this significant modernization project. As the system goes live, both the NBG and Montran solidify their commitment to redefining the financial landscape in Georgia, ensuring that it evolves in tandem with international trends and technologies.