National Bank of Georgia Expands Access to Open Banking for Non-banking Organizations

The National Bank of Georgia (NBG) has defined its regulatory principles for the use of Open Banking. 

With the introduction of the Regulation on Inclusion in Open Banking, nationally regulated non-banking institutions will be able to carry out payment transactions using Open Banking.

In its statement, the NBG described the regulation and registration procedure as a mechanism to ensure the correctness, reliability and security of the services provided by registered entities.

Recently, in early May, the National Bank of Georgia adopted the Regulation on Registration and Regulation of Payment Service Providers. This new regulation is a more relaxed form of regulation regarding account information and payment initiation. It allows non-bank regulated entities to register as providers of such services.

In a statement, the National Bank of Georgia (NBG) called on all businesses to join the Open Banking initiative, emphasizing: «The Innovations Office of the National Bank of Georgia expresses full readiness to assist any entity in the joining Open Banking, as well as to answer the questions of interested parties through the Innovations Office’s email address.»

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