CBCG Continues Cooperation with the CNB in Payment Operations


15/05/2024

Bilateral activities of the Central Bank of Montenegro (CBCG) with the Croatian National Bank (CNB) experts in the area of payment operations continued with meetings from May 14 to 16 in Podgorica. The activities are implemented within the IPA regional project “Programme for Strengthening the Central Bank Capacities in the Western Balkans with a view to the Integration to the European System of Central Banks” Phase II.


It is the second out of three missions, which implementation began in late 2023, to improve the administrative capacities of the CBCG in supervision and the application of regulations governing payment transactions.


During the current mission, the CNB representatives will also transfer their experience related to the supervising regulatory obligations of payment service providers in connection with reliable verification of client authenticity, supervising regulatory obligations of payment service providers and electronic money issuers from the aspect of the application of the Payment Accounts Directive (PAD), the SEPA Regulation, the Regulation on cross-border payments, and the Regulation on interbank fees. Activities related to fraud and services that are not considered payment services and other topics of importance for payment operations will also be considered.


Considering the continuous legislative changes in the provision of payment services in the European Union and the need for constant improvement of internal capacities, further continuation of activities through the second mission of this IPA regional project will ensure a more adequate implementation of the payment operations legislation in Montenegro. The project will enable the improvement of supervision standards following the standards applied in the EU member states and also create prerequisites for carrying out further CBCG activities in the area of payment operations and payment services provision.