Georgia is preparing to join the Single European Payment Area (SEPA), Georgian Prime Minister Irakli Garibashvili said today, Novosti-Georgia reports. https://www.newsgeorgia.ge/

This structure on harmonization of tax services and providers is available in 36 countries, including 27 EU member states, as well as Great Britain, Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and the Vatican City State.

The accession will allow Georgian customers to make non-cash payments in euros by credit transfer and direct debit anywhere in the European Union, as well as in a number of non-EU countries.

"It will no longer be necessary to use a correspondent bank or intermediary to make transfers to the European Union," Garibashvili explained. "This will be of great benefit to our citizens," the prime minister added.

Garibashvili said that joining the single European payment space is "related to integration with the European Union."

According to him, the National Bank, the Ministry of Economy and other governmental agencies are involved in the process. Besides, three bills reflecting the corresponding amendments to the legislation will be sent to the Parliament of Georgia for approval.

SEPA was introduced for credit transfers in 2008, and in 2009, the platform provides direct debits. The system was fully implemented by 2014 in the euro zone and by 2016 in non-euro zone countries that are members of the platform.