Payment System in Georgia

 

What is IBAN?
IBAN is the bank account number represented in the international bank account number (IBAN) format.

Where is IBAN used?
IBAN account number is used in money transfers made within and outside the country.

Why IBAN?
- All account numbers will be represented in one standard;
- Accuracy of IBAN account number will be ensured by the control key used therein;
- In some cases transfer fees will be lower;
- Transfer speed will accelerate;
- IBAN account number contains the bank code where this account has been opened.

Where to get IBAN account number?
In order to get IBAN account number one should open an account in a commercial bank or should request IBAN account number for already opened account.
 

 

 

 

 

 

IBAN in Georgia

In 2009 National Bank of Georgia started the work on standardization of accounts numbers in banking. After studying the existing situation, NBG together with the commercial banks and with the support of the Association of Georgian Banks, decided to introduce unified international bank account numbers (IBAN). In consideration of extensive discussions with the banks and international practice they have made the decision on representing the accounts existing in the Georgian banking sector in IBAN format. To this end the Memorandum was signed between the NBG and commercial banks of Georgia, according to which from May 3, 2010 the parties shall open the respective bank accounts in IBAN format. As per the requirements NBG ensured submission of IBAN format registration form to the SWIFT. Pursuant to the developed format IBAN accounts throughout Georgia will be represented in 22 symbols.

Below you can view the example of IBAN format registered by the NBG in the SWIFT




GE – country code (2 symbols);
29 – Check Digits - control key (two-digit number) to be calculated per all other symbols and their combination.
NB – Bank code to be defined by NBG (see bank codes)
0000000101904917 – account identifier to be set by the Bank (16 digits)

 

Standards

ISO IBAN standard (ISO13616) defines the format and structure of international bank identifier. The body responsible for IBAN format registration is SWIFT which is defined by ISO. Registrar also performs directory maintanace of such formats. More information about these formats is published on the registrar’s official website (see the link).

IBAN accounts use country codes pursuant to ISO 3166-1 which represents 2 alphabetical symbols. In the case of Georgia – GE.

IBAN account’s control key is calculated according to ISO/IEC 7064 (MOD 97-10) standard and represents a number (two-digit) to be calculated by all other symbols.

Compliance of bank accounts existing throughout Georgia complying with the IBAN account number of the above standards may be checked through the following validator.
 

 

 

 

IBAN Bank Codes

National Bank of Georgia NB

"International Bank of Azerbaijan" AZ

"Basisbank" BS

"Constanta Bank" CN

"Cartu Bank" CR

"BTA Bank" BT

"HSBC Georgia" HG

"VTB Bank Georgia" VT

"Ziraat Bank" Tbilisi Branch ZB

"TBC Bank" TB

"Invest Bank" IN

"Transcaucasus Development Bank" Tbilisi Branch CS

"KOR Standard Bank" KS

"Progress Bank" PG

"Procredit Bank" PC

"Bank of Georgia" BG

"Liberty Bank" LB

"TaoPrivatBank" TP

"Halyk Bank Georgia" HB

"Bank Republic" BR

 

IBAN account validation

Compliance of IBAN account opened in Georgia with IBAN format may be validated through the following link:

http://www.nbg.gov.ge/index.php?m=499

This validator checks the compliance of IBAN account number with the Instruction on "the use of IBAN in the Georgian banking institutions", namely:

Number of symbols (22) of the account is checked;
Country code is GE;
Accuracy of control key (two-digit number);
Bank code is compatible with one of the bank codes defined by NBG;
Identifier of the account number is assigned by the Bank represents only the combination of digits(16 digits)

Source:
National Bank of Georgia (central Bank)
 

 

 

 


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