New regulations to improve payment system in Georgia
New regulations concerning the registration of payment system providers adopted by the National Bank of Georgia (NBG) will come into force from March 16. Regulatory updates aim to provide transparency and protection of customers’ rights. In order to achieve these goals, the payment service providers will be obliged to respond and react to customers’ complains within seven working days.
Order of the President of the NBG regulates the following issues:
- Conditions and procedures for registration and cancellation at the National Bank;
- Provider’s obligations related to the payment service activities;
- Significant provider’s additional obligations;Provider’s relations with agents and other third parties, such as administration of complaints, ensure other providers’ access to the payment system and etc.