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Workshop „Technical Aspects of Connecting to SEPA Payment Schemes“

12/09/2024

In cooperation with the European Commission, the World Bank and the European Payments Council (EPC), the CBCG organised the workshop “Technical Aspects of Connecting to SEPA Payment Schemes” for representatives of the Montenegrin banking and IT sector.


Today’s workshop represents the continuation of the CBCG’s activities in modernising payment systems as part of preparations for Montenegro’s accession to the Single Euro Payment Area (SEPA), which includes 36 European countries.


The CBCG Governor, Ms Irena Radović, opened the event, noting that Montenegro’s accession to SEPA represents a milestone that offers tremendous potential for every credit institution and the entire country.


“The real, tangible benefit that Montenegro will achieve four years before joining the EU, which is expected in 2028, was made possible through the European Commission’s New Growth Plan for the Western Balkans. In the coming weeks, we expect Montenegro to make a significant step towards deeper integration with the European financial system, and we expect you to be proactive”, Governor Radović said, encouraging banks to dynamise the process of their individual applications to SEPA payment systems.


Governor Radović emphasised the CBCG’s willingness to support credit institutions in this process.


“The real, tangible benefit that Montenegro will achieve four years before joining the EU, which is expected in 2028, has been made possible through the European Commission’s New Growth Plan for the Western Balkans. In the coming weeks, we expect Montenegro to make a significant step towards deeper integration with the European financial system, and we expect your proactive participation”, Governor Radović said, encouraging banks to dynamise the process of their individual applications to SEPA payment systems.


She added that this will increase client satisfaction and open doors to new business opportunities, especially in sectors that require a large volume of international transactions, such as e-commerce and tourism.


“Membership in SEPA will give bank clients additional confidence and satisfaction with your services.” Companies in Montenegro will be able to expand their operations throughout Europe, knowing that their financial transactions are safe, efficient and fully integrated with European financial markets. This level of trust and security is crucial for attracting new and strengthening long-term relationships with existing clients,” the CBCG Governor highlighted.


Today's workshop was organised as part of the Western Balkans Payment Systems Modernization project, financed by the European Commission and implemented by the World Bank by supporting the Wester Balkan countries in the further integrating their payment systems, and the integrating the region’s payment systems with the EU, with the ultimate goal of Western Balkans joining the SEPA.


This July, the CBCG submitted a formal request to join the Single Euro Payments Area (SEPA) on behalf of the state, thus making a key step towards further development and integration of the Montenegrin financial system into the European economic and market space. Montenegro’s membership in SEPA will bring numerous benefits to Montenegrin citizens and the economy, including multiple cost reductions, shorter transaction times, and simplifying cross-border payments in the European market.