Tbilisi (GBC) - By the initiative of the National Bank, the Georgian banking sector, jointly with the Treasury Association, will implement a new treasury management software system.
The platform will contribute to increasing the efficiency of banks' treasuries, better managing operational and financial risks, and at the same time, significantly improving the functioning of local financial markets, which in turn will ensure increased investor confidence and support long-term economic growth. The system will enable participating banks to benefit from simplified processes and make more informed financial decisions in accordance with international standards. As a result, financial institutions will be able to better manage financial risks, optimize their trading activities, and increase overall operational efficiency.
The implementation of the platform will increase market volume, derivatives transactions, and improve the price formation process.
The Treasury Association and six commercial banks (Bank of Georgia, TBC Bank, Liberty Bank, Basisbank, Terabank and Cartu Bank) signed an agreement on participation in the project to provide a treasury management software system.
Within the framework of the project, the National Bank of Georgia will develop the hosting infrastructure necessary for the implementation of the system, which will contribute to the establishment of a stable, secure and reliable environment necessary for its functioning. In turn, the Treasury Association will ensure the successful planning, organization and implementation of the strategic goals of the project. Substantial expenses will be borne by commercial banks.
When selecting the system, the parties studied international experience and existing practices, after which they chose the best system, MUREX MX.3. It is noteworthy that 65 out of 100 international banks have implemented this program. The platform is used daily by more than 60,000 users worldwide.
The next stages of the project include agreeing on detailed terms of system implementation and service, adapting the system to the operational needs of the participating banks, upon completion of which preliminary pilot testing will begin.
