Paysera Bank Georgia has officially become a member of Banking Association of Georgia, - according to an announcement made by Dimitri Kumsishvili, the General Director of Paysera Bank Georgia during his appearance on the TV-program ,,Business Morning“ .This membership will enable Paysera Bank to offer Open Banking services to its customers, marking a significant advancement for the bank and its clientele.
Kumsishvili emphasized that the Banking Association of Georgia supporting Berlin Group standard of Open Banking in Georgia and currently implementation project is led and supervised by the Banking Association. Therefore, joining the Association represents a crucial step forward for Paysera Bank. He noted, “Open banking services have a long history in the European market, with active operations starting in 2018. Today, this direction is being introduced in Georgia, and banks have the opportunity to offer these services to customers with the support of the Banking Association.
Highlighting the benefits of Open Banking services, Kumsishvili explained that the Payment Initiation Service (PIS) would enable easier, cheaper, and faster payments across the country compared to standard card payments. This service will be advantageous for ordinary consumers, merchants, and service providers, allowing them to process payments in real time at a much lower cost.
,,Even today, the Payment Initiation Service allows companies registered in Georgia to receive payments instantly from more than 100 European banks with several million customers. While commercial banks charge 2.5% or more on card transactions, our charges are almost half or even less,” Kumsishvili stated.
Kumsishvili also underscored the global demand for quick settlements and how fintech companies like Paysera Bank are meeting this need. “We hold a unique position in the market as the only financial institution offering customers European IBANs and access to the Signal European Payment Area (SEPA and SEPA Instant). Transfers in EUR at Paysera Bank come with the lowest commission: a fixed 7 Euros, with no additional charges for guaranteed payments. In general, fintechs have lower expenditures compared to commercial banks, making our services much more affordable.
Paysera Bank also employs other settlement and payment system solutions, such as using the Automated Clearing House (ACH) in the United States for swift and inexpensive settlements within the country. Additionally, the bank partners with various similar payment institutions in over 60 countries, making international transfers both affordable and convenient.
Founded in November 2022, Paysera Bank Georgia received the first digital banking license from the National Bank of Georgia. As a fintech bank, it is committed to providing fast, convenient, and affordable financial and related services to its customers.
With this new membership in the Banking Association of Georgia, Paysera Bank is poised to enhance its service offerings and continue its mission of making financial transactions simpler and more cost-effective for all its users.
