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We Think Instant Payment System Will Be Launched In 2025 - Turnava

The Acting President of the National Bank of Georgia declares that the instant payment system supposedly will be implemented in the country in 2025. With this payment system, interbank payments will be possible instantly 24 hours a day and 7 days a week.

According to the National Bank, the introduction of the instant payments system will speed up the payment process and the availability of money for the recipient of the transfer, reduce costs and improve the quality of customer service. Commercial banks and other (non-bank) payment service providers will be involved in this payment system, and the rules will be developed by the National Bank.

"Fast and cheap transfers are important for the customers. The first thing that is being introduced in this regard, and we think that it will be implemented by 2025, is the instant payment system. This is a rather large project, which also takes into account the technical and technological aspects.

Now we have announced an international tender, which is financed by the World Bank. A company with an international reputation comes in, which organizes this system for us. Today transfers of legal entities and individuals within the country take one working day, after the introduction of this system, transfers will be made instantly. Just as card payments take seconds, so will transfers. Since this is done with the financing of the World Bank, we will do it in such a way that it is much more affordable in terms of price",- Natia Turnava said.