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Keepz's Open Banking milestone to drive fintech innovation in Georgia

Wednesday 18 September 2024 15:15 CET | News

The Banking Association of Georgia and Keepz, a fintech company in the country holding an open banking license, have successfully demonstrated the first Open Banking transfer in real-time. 

 

This live demonstration was shown at a joint event organised by the National Bank of Gerogia and Keepz. During the event the head of the National Bank's Financial and Supervisory Technology Development Department highlighted that Keepz's achievement could inspire other innovative fintech companies. It was emphasised that this momentum is expected to positively influence the growth of financial innovation, enhance competition, and promote financial inclusion in Georgia. 

The Banking Association of Georgia and Keepz, a fintech company in the country holding an open banking license, have successfully demonstrated the first Open Banking transfer in real-time.

Keepz's approach reduces costs and streamlines payments  

Keepz is the first non-bank financial institution to participate in Open Banking and the first fintech company to incorporate Open Banking into its business model for payment initiation. This approach is expected to reduce costs and eliminate intermediaries compared to traditional payment methods. 

Furthermore, the announcement stated that this event also featured discussions on the advantages of Open Banking, with participation from members of the Business and Fintech Association, startups, and other interested parties. 

Source: Link


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Keywords: Open Banking, banking, banks, product launch
Categories: Banking & Fintech
Companies:
Countries: Georgia
This article is part of category

Banking & Fintech

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