The National Bank of Georgia convened representatives from both the banking and non-banking financial sectors to discuss advancements and innovations within the payment industry, as reported.

The meeting centered on ongoing projects aimed at improving payment systems, including updates to the Real-Time Gross Settlement (RTGS) system and the introduction of an instant payment system.

Enhancing access to payment systems for non-bank payment service providers is expected to foster increased competition and drive the development of innovative payment products. "The presentations and training sessions organized are designed to prepare new entities for integration into the payment system, addressing both legislative considerations and the sharing of practical experiences," stated Ekaterine Galdava, Vice Governor of the National Bank of Georgia.

During the event, representatives from the Payment Systems Department provided valuable insights to attendees regarding the requirements for opening payment accounts and delivering comprehensive services.

The meeting also provided a platform for participants to discuss emerging technological challenges and anticipated legislative reforms, according to the central bank.