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Georgian Sweeft Digital company to cooperate with Berlin-based software company in open banking field

Business Materials 21 January 2021 17:59
Georgian Sweeft Digital company to cooperate with Berlin-based software company in open banking field

BAKU, Azerbaijan, Jan. 21

By Tamilla Mammadova – Trend:

As a result of a collaboration between the Banking Association of Georgia and the National Bank of Georgia (NBG), in the first half of 2020, the open banking regulation was established, based on Berlin Group standards and its first phase will be enforced on March 31, 2021, Trend reports via the NBG.

In Germany, Berlin-based software company TESOBE introduced one of the first open banking applications. Their very solutions are employed by such global banks as BPN Paribas, Santander, Societe Generale, and HSBC.

TESOBE software fully meets Berlin Group standards. Sweeft Digital and TESOBE signed a memorandum on the partnership on January 5, 2021, with the aim to introduce the open banking experience of Europe’s leading banks in Georgia.

"TESOBE will help us fulfill our mission to introduce the international-standard open banking software and to develop the Georgian banking sector. Our partnership will enable us to employ FinTech based on open banking technology and TESOBE experience. We will enable commercial banks to use international-standard solutions," Sweeft Digital founder Vakho Turnava said.

"Together with the innovative team of Sweeft Digital and our partners, we will determine the needs of regions. We believe that based on the Open Bank Project of TESOBE, the Open Banking compliance will be simplified,"TESOBE executive director Simon Redfern noted.

As he noted, Open Banking will enable customers to manage their own finances within the joint space. Sweeft Digital is a software development company.

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