Azerbaijani Central Bank studies payment settlements in Georgia

Business Materials 22 January 2013 13:10

Georgia, Tbilisi, Jan. 22 / Trend N. Kirtzkhalia /

A delegation of the Azerbaijani Central Bank, headed by deputy chairman of the board Khagani Abdullayev, is in Tbilisi to study the experience of implemented reforms in the Georgian National Bank.

The Georgian National Bank told Trend today that the first meeting of the delegation was held with Georgian National Bank president Giorgi Kadagidze.

The main purpose of the visit is to examine the innovative payment system introduced in the Georgian National Bank for the last period,which allows financial institutions to make transfers quickly and safely.

An Azerbaijani delegation has met with heads of departments of the tax system, banking supervision, statistics and macroeconomics and shown implemented and current projects.
The Central Bank's delegation has also visited the cash centre, opened in summer 2012, equipped with modern technologies.

The Georgian National Bank uses two new payment systems - payments in real time and securities settlements.

These systems were implemented while funding the U.S. Agency for International Development (USAID), which allocated $3.5 million to implement the project. Using the systems allowed the National Bank to move to a modern, high-tech model of governance.

After introducing new systems, all transactions related to securities trading, are conducted electronically for a few minutes. In general, these systems ensure fast, safe and uninterrupted processing of interbank transfers which increases the efficiency of customer service.

A project introducing new payment systems began in 2007. The work was carried out by the American company Montran, which specialises in the introduction of modern tax systems. It has implemented similar projects in the central banks of 27 world countries.