Nasdaq Calypso to centralize treasury for five Georgian banks

Nasdaq and the National Bank of Georgia will implement the Calypso treasury platform for Bank of Georgia, TBC Bank, Liberty Bank, Terabank and Basisbank. The installation will be hosted at a single location and configured so each bank appears as a separate entity with fully segregated data.

The system will cover front-office deal capture and pricing, middle-office risk management and compliance, and back-office settlement, accounting and financial reporting. The installation is designed to support the full front-to-back trade lifecycle and to integrate with international standards, including ISO 20022.

Georgia’s commercial banking sector recorded double-digit growth over the past five years, bringing total assets close to $38 billion. Banks in the country have increased demand for infrastructure that can handle complex securities and derivatives, stronger enterprise risk management and tighter regulatory requirements.

Deploying and maintaining such infrastructure individually presents substantial costs and operational challenges for banks. The program uses a shared model so the five banks will access the same platform capabilities while keeping their data segregated.

Natia Turnava, governor of the National Bank of Georgia, described the project as a strategic priority, adding that bringing the five largest banks onto a common, internationally recognized platform will raise standards for risk management, regulatory oversight and operational resilience across the sector.

Magnus Haglind, head of capital markets technology at Nasdaq, noted that Georgia offers an example of how a shared infrastructure can benefit individual institutions and the broader financial system, and cited Nasdaq’s experience with large modernization programs as support for banks that do not want to assume the full cost or operational complexity alone.

Project management funding has been provided by Japan through the Japan-EBRD Cooperation Fund. The Georgian Financial Markets Treasuries’ Association welcomed the initiative; its executive secretary, Lasha Jugeli, stated that aligning on a shared platform backed by Nasdaq’s technical expertise and the central bank’s support will modernize operations across member banks and lift treasury-management standards in the sector.

Consistent audit trails and a common reporting framework are expected to reduce the compliance burden for banks and regulators. The centralized Calypso installation is intended to standardize controls, improve operational resilience and help Georgian banks meet evolving international regulatory and messaging standards.