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Georgia’s first corporate bank to be involved in SWIFT gpi

Finance Materials 16 November 2019 20:21
Georgia’s first corporate bank to be involved in SWIFT gpi

BAKU, Azerbaijan, November 16

By Tamilla Mammadova – Trend:

Bank of Georgia JSC is the first corporate bank in Georgia to be fully involved in the global payment system SWIFT gpi, Trend reports citing Georgian media outlets.

SWIFT gpi is a new standard in international currency transactions that makes the process faster and more transparent.

The innovative system provides online transaction verification, transparency and efficient settlement. SWIFT has created a single global platform that allows banks to perform transactions more efficiently in a short time and update current transaction statuses, as well as view transaction fees charged by participating banks.

SWIFT gpi services are already used by many banks, and the number of participating banks is growing day by day, since this product is a significant step towards digitalization.

The bank's shares are quoted on the London Stock Exchange (stock ticker LSE: BGEO) and the Georgian Stock Exchange (stock ticker GeSE: GEB).

The Bank operates in the areas of investment banking, retail, cash management, etc. Bank of Georgia has more than 100 branches; activities are conducted in Georgia, Ukraine and Belarus. The bank owns BG Capital investment company.

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