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21/11/2024

Montenegro is since today part of the geographical scope of the Single Euro Payments Area (SEPA) payment schemes. Under the guidance of the Central Bank of Montenegro (CBCG), Montenegro has undertaken significant efforts in aligning the Montenegrin national payment systems and regulations with European Union (EU) standards, becoming the first Western Balkan country to join the SEPA geographical scope, achieving an important milestone on its path to EU membership.

As a result, all existing European Payments Council (EPC) payment scheme participants should be able to send or to receive SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) transactions to and from SCT, SCT Inst and SDD scheme participants from Montenegro as and when their financial institutions will adhere to these schemes.

 

The adherence of Montenegrin financial institutions to the SEPA payment schemes, according to the EPC calendar, will be enabled starting from April 2025, while the Operational Readiness Date (ORD) for payment service providers (PSPs) from Montenegro will be communicated later by the EPC.

“Montenegro’s accession to the SEPA marks a significant milestone in our financial integration with the European Union. This achievement unlocks economic opportunities, and delivers tangible benefits for households and businesses as Montenegro advances toward EU membership” declared Irena Radović Governor of the Central bank of Montenegro.

Giorgio Andreoli, Director General of the EPC said: “The inclusion of financial institutions from Montenegro is a natural progression of the SEPA project, showcasing Europe’s commitment to harmonising electronic payments across a region that extends beyond the European Union”.

Video: Statement of the Governor

EPC Press Release: link