Dr. Irena Radović, Governor of the Central Bank of Montenegro, along with her team, will hold a meeting with the management teams of commercial banks to discuss the modernization of payment systems.
The meeting will focus on preparing the banking system for integration with SEPA payment schemes, as well as the TIPS Clone and ISO 20022 projects, which relate to modern instant payment systems and the international standard for data exchange in payment systems.
It is worth noting that in November 2024, Montenegro became the first country in the region to become a full member of SEPA, creating the conditions for Montenegrin banks to adopt SEPA payment schemes.
On April 14, the Central Bank of Montenegro submitted its application for joining the SEPA payment schemes to the European Payments Council (EPC), officially starting the operational procedure for joining the SEPA system.
Starting from October 6, when transactions to and from Montenegro are expected to begin in accordance with SEPA rules, the country will open the door to faster, significantly cheaper, and more secure international payments.
