Universal Capital Bank (UCB), the only one in Montenegro that has found interest in establishing direct payment transactions with Serbia and Bosnia and Herzegovina (BiH), expects that system to be in operation by the end of the year.
“It is difficult to give a precise deadline, but we expect that, if there are no major technical challenges, the first transactions will be completed by the end of the year. We are fully committed to it, as this project is of exceptional importance for us”, they said from UCB.
UCB has signed an agreement on participation in the clearing of international payments with the Central Bank (CBCG), and the system is being tested with the National Bank of Serbia.
UCB also said that they are the first bank from Montenegro to access that system, which is why they have no comparable example.
When asked what types of accounts and documentation are required to establish payment transactions with Serbia, whether the same system applies to BiH, the bank replied that it is the same as any payment abroad, and that, in accordance with domestic regulations, it is necessary to open transaction account for international payments.
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