Montenegro's accession to the Single Payment Area in Euros (SEPA) represents a turning point that offers enormous potential for every credit institution and the entire country, said the Governor of the Central Bank (CBCG), Irena Radović.
"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 New Growth Plan for the Western Balkans of the European Commission. In the coming weeks, Montenegro is expected to make a significant step towards deeper integration with the European financial system, and we expect your active participation," said Radović.
At the workshop Technical aspects of accessing SEPA payment schemes for representatives of the Montenegrin banking and IT sector, which was organized by the CBCG in cooperation with the European Commission, the World Bank and the European Payments Council (EPC), she encouraged banks to dynamize the process of their individual applications to SEPA payment systems .
Today's workshop represents the continuation of the Central Bank's activities in the field of modernization of payment systems in the framework of preparations for Montenegro's accession to SEPA, which includes 36 European countries.
Radović emphasized the willingness of the Central Bank to support credit institutions in this process.
"The fact that more than 100 representatives of 11 Montenegrin banks and the IT sector are present here today shows that you appreciate and recognize this unique opportunity for our credit institutions in terms of improving services, business scope and alignment with the highest European standards," said Radović.
According to her, SEPA enables access to a harmonized payment system that eliminates the difference between domestic and cross-border payments in euros, which means faster, more efficient transactions with minimal fees, as well as equal conditions for all banks in Montenegro, regardless of their size.
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 instill additional confidence and satisfaction in your services to bank clients. 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," said Radović.
Today's workshop was organized as part of the project to modernize the payment systems of the Western Balkans, financed by the European Commission, and implemented by the World Bank in the form of support to the countries of the Western Balkans in the further integration of their payment systems, as well as the integration of the region's payment systems with the EU, with the ultimate goal of joining the Western Balkans in SEPA.
In July, CBCG, on behalf of the state, submitted a formal request to join the Single Euro Payments Area (SEPA), 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 for Montenegrin citizens and the economy, including multiple cost reductions, shortening of transaction times and simplification of cross-border payments on the European market.
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