The National Bank of Georgia published an update describing how Georgia’s open banking ecosystem is being used to expand digital financial services, reporting an increase in new, innovative offerings enabled by data sharing and API-based connectivity. Examples cited include integration with Georgia’s Revenue Service that allows users to initiate tax payments directly from their internet banking or financial applications, and a joint product by Silk Bank and Silknet that enables a fully remote, simplified loan application through the MySilknet app using open banking capabilities and assessment algorithms drawing on alternative data sources. The central bank framed open banking as a strategic direction for supporting technological solutions and innovation in the financial sector.
National Bank of Georgia 2025-04-17
National Bank of Georgia highlights growing open banking use for tax payments and remote lending
The National Bank of Georgia reported advancements in Georgia's open banking ecosystem, highlighting increased digital financial services through data sharing and API-based connectivity. Notable developments include tax payment integration with Georgia’s Revenue Service and a remote loan application product by Silk Bank and Silknet. The central bank views open banking as a strategic initiative to foster innovation in the financial sector.