The Montenegrin banking sector has professionally and dedicatedly approached the operationalization of the process of joining the Single Euro Payments Area (SEPA) market, and the first transactions through these payment schemes will be enabled from October 6, it was announced at a workshop of the Central Bank of Montenegro (CBCG).
The Central Bank of Montenegro organized a workshop for representatives of the Montenegrin banking sector, as part of preparations for the transition of Montenegrin banks to the SEPA payment schemes.
The workshop, entitled SEPA Compliance and the Application Process, aimed to provide banks with as much practical information and guidance as possible for the successful completion of the process.
Opening the workshop, the Vice Governor of the Central Bank of Montenegro, Zorica Kalezić, emphasized that the banking sector has professionally and dedicatedly approached the operationalization of the process of joining the SEPA market.
"The project has entered a mature phase of implementation and, with continued activities and commitment from banks, we expect banks to start submitting applications to the European Payments Council as early as April. As of October 6, individuals and legal entities in Montenegro will be able to enjoy the benefits that the SEPA system provides - faster, cheaper and safer international payment transactions within the SEPA zone," said Kalezić.
The focus of the workshop was on the regulatory and legal aspects of Montenegrin financial institutions' accession to SEPA payment schemes, with special emphasis on the documentation that credit institutions submit to the European Payments Council (EPC), as the SEPA umbrella body, in this process.
"The workshop also discussed the changes brought by the new versions of the SEPA payment schemes, the testing procedure, the special group of "R payment messages", as well as other technical details. Practical examples showed the challenges that banks will face in this process, but also presented possible answers to these challenges," the Central Bank of Montenegro announced.
The presentation, given by Kjeld Hereman from Paylume, an international expert with significant experience in the field of payment systems and payment transactions, including the development of SEPA payment schemes, was attended by more than 50 representatives of Montenegrin banks.
According to the EPC calendar, the acceptance of applications from Montenegrin banks for joining the SEPA payment schemes begins on April 11, while the date when the first transactions will be possible via the SEPA payment schemes is set for October 6 of this year.
"Montenegro's accession to the SEPA system represents a historic step towards integration into the financial ecosystem of the European Union (EU), which will bring numerous benefits to Montenegrin citizens and the economy, primarily cheaper, faster and safer international payment transactions," the statement said.
The Central Bank of Montenegro will continue to provide the necessary regulatory and technical assistance in the coming period, so that banks are ready to submit applications and join SEPA payment schemes within the planned deadline.
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