On Monday, the first live open banking transfer was executed in the country, the National Bank of Georgia reports. The landmark event was organized by the central bank, the Banking Association, and the fintech company ‘Keepz’.
Varlam Ebanoidze, the head of the Financial and Supervisory Technology Development Department at the National Bank, noted that the open banking method adopted by Keepz can drive innovation and fintech development, as well as encourage financial inclusion and competition in Georgia.
‘Keepz’ pioneers an open banking approach in initiating payments. Compared to traditional payment methods, this approach is notable for its minimized costs and little to no reliance on intermediaries.
The ceremony itself featured discussions on the advantages of open banking, with the engagement of participants from the Fintech Association of Georgia, startups, and other interested parties.
