The instant payments system is an electronic retail payment solution available 24/7/365, the payments are executed instantly, and upon execution, the funds are immediately available to the recipients. The system introduced by the National Bank of Georgia allows payments to be made in GEL. Commercial banks and other (non-bank) payment service providers will be involved in the instant payment system. Customers will be able to use all available access channels and means to initiate payments, including branches, internet bank, mobile application, QR code, etc.

The National Bank of Georgia has announced an open international tender for the procurement of an Instant Payment System (IPS), which is implemented in compliance with the procurement procedures of the World Bank.

 

NBG Announces Bidding For Procurement Of Instant Payment System

 

Financial Statements of the Project

On May 17, 2021, a loan agreement was signed between Georgia and the International Bank for Reconstruction and Development (IBRD) for the "Georgia Relief and Recovery for Micro, Small, and Medium Enterprises" project, according to which implementing agencies are LEPL “Enterprise Georgia” and National Bank of Georgia. In accordance with the loan agreement, special purpose financial statements are prepared annually, which are audited by independent auditor. The financial statements reflect the activities performed by the project implementing agencies, including the implementation of the Instant Payment System (IPS), by the National Bank of Georgia.