E-signature replaces paper operations in Georgian banks

Georgia is developing an electronic signature system that will allow clients of the country’s three large banks to sign their important documents from a signature pad, saving the time and money to print and sign official papers.

The e-signature idea was initiated by the National Bank of Georgia (NBG) last year. ProCredit Bank, the first bank to join the initiative, got involved in the early stages and has significantly contributed to its development. As of today, all ProCredit Bank branches offer e-signature service to its customers.

Meanwhile TBC Bank, Liberty Bank and Bank Republic are preparing to join ProCredit Bank and launch an e-signature service in the near future.

When in force these banks’ clients will be able to sign an electronic signature pad for certain banking transactions rather than actual paper documents.

Today NBG president Giorgi Kadagidze visited ProCredit Bank and reviewed the progress of e-signature project.

By introducing the e-signature we will cancel all paper-based operations that caused queues. First of all this is a comfortable service for customers [and allows them to] take less time to do their banking operations,” said Kadagidze.

"The most important thing is that the e-signature will reduce bank transaction costs by 75 percent, which is a step forward to decreasing percentage rates.”

The NBG official said implementing the e-signature service in all banks in Georgia could become obligatory.

Plans were also in place to use the e-signature service for distant banking operations, which would ultimately fully replace paper operations.