Cash circulation becomes quicker and riskless in Georgia
22 December, 2010
Cash circulation becomes quicker and riskless in Georgia

New payment system insuring quicker and riskless cash operations is put into operation in Georgia starting December 17, 2010.
A Real-Time Gross Settlement System (RTGS), a modern system of payment and Securities Settlement system adopted by the National Bank of Georgia (NBG) insures safer and quicker payment operations. On the other hand any securities settlement transaction will be made electronically in a few minutes instead of paper document circulation.
The NBG started the development of

the project in 2007 with the support of US Agency for International Development (USAID). The project is being developed by worldwide American company – Montran, which is specialized in implementing modern payment systems. Montran has already implemented similar projects at 27 countries around the world as following: Israel, Romania, Bulgaria, Iran etc. The RTGS is a payment system in which the processing and settlement take place continuously (“in real time”) rather than in batch processing mode. Like this, transactions can be settled with immediate finality.
According to Giorgi Kadagidze, President of the NBG, the NBG signed a grant agreement with the US Ambassador in Georgia last year by which NBG received USAID financing for implementing several systems.
“Our plan was seen to be ambitious and optimistic – to start implementing such high scale projects and to change the settlement and payment systems extremely. But here is the result, the new system is officially live, we moved to modern governing system, high-tech model, the managing of operations has become quicker and riskless – it means that cash circulation is well protected and safe. Apart from these, any transaction, related to securities settlement, instead of paper document circulation will be made electronically in a few minutes from now on. Entire system provides immediate, secure and continuous interbank transfers -  all these will result in supplying effective services to Georgian banking sector participants and ultimately to their customers,” Kadagidze said during the presentation event.
John Bass, the US Ambassador to Georgia, accentuated that the new RTGS and Securities Settlement system is supposed to make Georgian financial system more protected and help Georgia to become more integrated in international economic base. 
“We are happy to have a great opportunity to help Georgia in integration process at western economic and financial markets,”- he stated at the presentation event.

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