Regulatory Alerts2023-05-03 | 80/04Order on Approval of the Rule on Inclusion in Open Banking
The National Bank of Georgia issued Order N80/04 to approve the Rule on Inclusion in Open Banking, establishing regulatory requirements for entities such as brokerage companies, microfinance organizations, and payment service providers seeking to join the open banking ecosystem. The Rule mandates that applicants meet specific criteria including information security management, professional liability insurance, and rigorous testing protocols before receiving approval to provide account information or payment initiation services. Furthermore, it outlines ongoing obligations for included entities, such as annual penetration testing, independent audits, and strict outsourcing controls, while granting the National Bank the authority to supervise compliance and cancel approvals if requirements are no longer met.