Open Banking in Georgia is Expanding

The open banking ecosystem is still expanding, that positively affects the development of financial services. As per decision of NBG, a Payment Service Provider – LLC “Tpay”, registered by NBG, has been granted full authorization to use open banking services.

Open banking is the most important component of modern digital finance, that provides users with flexible and safe access to banking services through open API (Application Programming Interface) integration, ensuring data exchange through banks, financial institutions, and fintech companies.

Taking into account the best worldwide practices, an open banking has led to increase the competition among organizations, creation of innovative financial products, and improved user experience. Accordingly, it is important to add a new participant in the ecosystem of the Open Banking, as an open banking is a precondition for the creation of varied financial services.

It is important to note that by integrating into open banking, LLC “Tpay”, as a Third-Party Provider (TPP), becomes a member of an ecosystem which will offer user account information access and payment initiation services through open banking APIs.

The main advantages of open banking:

* More choice for users and innovation: Development of open banking creates more flexible and competitive financial environment.
* Improvement of financial operations: Effective integration with bank accounts simplifies the process of payments and account management.
* Higher security standards: Open banking infrastructure ensures the security of users’ data.

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