Georgian central bank to launch unified treasury management platform to bolster financial markets

The National Bank of Georgia on Friday announced the introduction of a new treasury management software in collaboration with the domestic Financial Markets Treasuries Association to enhance the efficiency of  treasury operations of banks and bolster the overall functioning of national financial markets.

The new platform is designed to improve the management of both operational and financial risks for participating banks, fostering “increased investor confidence and promoting sustainable economic growth” in the country, the body added.

By streamlining processes and adhering to international standards, banks will be better equipped to make informed financial decisions, optimise trading activities, and enhance their operational effectiveness”, the NBG said.

Key stakeholders involved in this project include the Association and six major commercial banks - Bank of Georgia, TBC Bank, Liberty Bank, Basisbank, Terabank, and Cartu Bank. These institutions have signed a participation agreement to implement the treasury management software system.

As part of the initiative, the NBG will establish the necessary hosting infrastructure to ensure a “stable, secure, and reliable” environment for the new system, while the Association will take on the responsibility of planning, organising, and executing the project's strategic objectives, with commercial banks managing associated costs.

After a “thorough review” of international practices, the MUREX MX.3 software was selected for the initiative, the Bank said. The platform has been implemented by 65 out of 100 international banks and is utilised by over 60,000 users globally on a daily basis.

The next phases of the project will involve finalising implementation and service details, customising the system to meet operational requirements of participating banks, and initiating preliminary pilot testing.