The Central Bank of Montenegro has applied to join the SEPA payment schemes

The Central Bank of Montenegro announced that today they officially submitted a request to the European Payments Council to join the payment schemes of the Single Euro Payments Area - SEPA.

They say that this move is one of the key operational and technical steps in the process of switching to SEPA payment systems and enabling faster, cheaper and more secure international payments from Montenegro starting on October 6 this year, the day that the European Payments Council (EPC), as the umbrella body of SEPA, has designated as Operational Readiness Day.

"Submitting the application at the very beginning of the deadline set by the EPC for this process confirms the strategic approach of the Central Bank of Montenegro and the readiness of the system to join SEPA payment schemes, as well as a high level of technical and regulatory preparedness, as well as efficient coordination with domestic banks and European institutions," the statement reads.

They say that in the coming months, the Central Bank of Montenegro will continue intensive activities, coordination and management of the process with the aim of fully preparing the banking system for October 6, so that from that day on, international transactions from and to Montenegro can be carried out in accordance with EPC and SEPA rules.

They remind that Montenegro became a member of the SEPA geographical area on November 21, 2024. As they explained, this gave the Montenegrin banking system, led by the Central Bank, the right to begin the process of joining SEPA payment schemes, which includes technical and regulatory preparation and a formal application procedure according to the EPC.

"Today's application by the Central Bank of Montenegro refers to precisely that step - joining specific SEPA schemes, which is a necessary prerequisite for enabling international payments in SEPA format," they added.

The Central Bank said that joining the SEPA system represents a significant step towards strengthening Montenegro's financial integration with the European Union, that it contributes to more competitive, secure and efficient payment transactions, and that it further strengthens the confidence of citizens, investors and partners in the stability and modernization of the Montenegrin financial sector.