12.09.2024. Central The Bank of Montenegro, in cooperation with the European Commission, the World Bank and the European Payments Council (EPC), organized the workshop “Technical aspects of joining SEPA payment schemes” for representatives of the Montenegrin banking and IT sectors
The workshop is a continuation of the Central Bank’s activities in the field of modernization of payment systems as part of preparations for Montenegro’s accession to the Single Payment Area in Euros (SEPA) which covers 36 European countries. The event was opened by the governor of the CBCG, Irena Radović, noting that Montenegro’s accession to SEPA represents a turning point that offers enormous potential for every credit institution and the entire country.
“The fact that more than 100 representatives of 11 Montenegrin banks and the IT sector are present here today shows that you appreciate and recognize this unique opportunity for our credit institutions in terms of service improvement, business scope and alignment with the highest European standards.” “SEPA provides access to a harmonized payment system that eliminates the difference between domestic and cross-border payments in euros, which means faster, more efficient transactions with minimal fees, as well as equal conditions for all banks in Montenegro, regardless of their size”, stressed Governor Radović.
She added that this will increase client satisfaction and open doors to new business opportunities, especially in sectors that require a large volume of international transactions, such as e-commerce and tourism.
Today’s workshop was organized as part of the project to modernize the payment systems of the Western Balkans, financed by the European Commission, and implemented by the World Bank in the form of support to the countries of the Western Balkans in further integration of their payment systems, as well as the integration of the region’s payment systems with the EU, with the ultimate goal of joining the Western Balkans in SEPA.
“The Central Bank of Montenegro, on behalf of the state, submitted a formal request to join the Single Euro Payment Area (SEPA) in July, thus making a key step towards the further development and integration of the Montenegrin financial system into the European economic and market space.
