Governor Radović Discusses the Future of Payments with Eurosystem and Mediterranean Central Bank Leaders

02/10/2026

At the invitation of Banco de España Governor José Luis Escrivá, Governor of the Central Bank of Montenegro, Dr Irena Radović, took part in the 10th International Conference of Mediterranean Central Banks, held on 1 and 2 October in Roda de Berà, Spain. Entitled “Digital Currencies, Payments and Reserve Management: Implications for Mediterranean Central Banks”, the conference was jointly organised by the Banco de España, the European Institute of the Mediterranean, the Organisation for Economic Co-operation and Development (OECD) and the Union for the Mediterranean. This jubilee edition brought together governors and senior representatives of Eurosystem and Mediterranean central banks, as well as European and international institutions.

Governor Radović participated in the panel “Improving cross-border payments in a changing geopolitical landscape”, which focused on the modernisation of payment systems, international cooperation and the interconnection of payment infrastructures. Presenting Montenegro’s experience, the Governor stressed that alignment with European standards, infrastructure modernisation and cooperation with the banking sector are already delivering significant and measurable benefits for citizens and businesses, even before Montenegro joins the European Union. She emphasised that such a transformation requires an active and coordinating role for the central bank to ensure that common standards and services are available across the entire market.

In the first ten months since the introduction of SEPA payments, more than 180,000 transactions were processed, with a total value of almost 3.3 billion euros. Estimated savings for citizens and businesses exceeded €8.1 million, while the average transaction cost fell by almost 92 percent compared with the previous SWIFT arrangements. The Governor also presented Montenegro’s domestic instant payment system, TIPS Clone, which has been available through all eleven commercial banks since 20 July. The system enables money transfers within seconds, 24/7, every day of the year, with fees for electronic transfers of up to 200 euros capped at five cents. She identified the development of cross-border instant payments and further strengthening of consumer protection as the next priorities.

During the discussion, she stressed that individual technological solutions, however advanced, can lead to fragmentation if they are not interconnected. Common standards, reliable infrastructure and clear accountability are therefore prerequisites for innovation to contribute to greater integration, competition and resilience in the payments market.

Speaking about public-private sector cooperation, Governor Radović said that central banks should provide reliable common infrastructure, standards and a level playing field, while banks and other payment service providers should develop innovative products and improve the customer experience. The success of such cooperation, she noted, should be measured by the security, speed, accessibility and cost of services for citizens and businesses.

“Montenegro’s experience shows that smaller economies can also adopt modern European solutions rapidly and provide citizens and businesses with safer, faster and more affordable payments. This is a concrete example of how European integration is already delivering measurable benefits today,” Governor Radović said.

The Governor concluded that the CBCG would continue to link payment system modernisation with European integration, with the aim of providing citizens and businesses with increasingly accessible, secure and affordable payment services.