(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 19. Georgia has unveiled new developments in payment and account services, Mikheil Kapanadze, CEO of the Open Banking project of the Georgia Bankers Association (GBA), said at the IX International Banking Forum (IBF 2025) in Baku, Trend reports.

Kapanadze said the country now operates a payment initiative compliant with the PSD2“open banking” standard (PLT 2 type), and application programming interfaces (APIs) are provided free of charge.

“While certain fees apply for interbank and international transfers, the API itself is free. Paid, extended APIs are planned for the future, which will increase banks' capacity to cover additional costs. Currently, payment account information services are free, while sharing credit and deposit account data will be fee-based,” he explained.

He highlighted the popularity of the digital onboarding system in Georgian banks, which allows customers to complete a“liveness check” through biometric verification and selfie capture. This system enables a customer of one bank to easily open accounts with other banks and non-bank institutions.

Kapanadze also noted that“push style” account information services are being developed and that a“request to pay” service will soon be available.

“Payment systems currently cover transactions within the same bank, across Georgia, and internationally. While an instant payment system is not yet in place, the National Bank is working on it, and once operational, the Association will integrate it,” he concluded.

The two-day IX International Banking Forum 2025 (IBF 2025), organized in partnership with Mastercard, has started today. This year's Forum explores the theme“Reliable, Safe, and Sustainable Banking” and is supported by the Azerbaijan Banks Association, the Central Bank of Azerbaijan, and the Ministry of Digital Development and Transport.

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