All banks operating within the Montenegrin financial system have successfully submitted applications for access to the SEPA system and received a positive response from the European Payments Council (EPC), the Central Bank of Montenegro (CBCG) announced.
As stated in the post on the CBCG's social media, on June 13, all licensed banks from Montenegro will be officially registered in the EPC register of participants in the SEPA Credit Transfer (SCT) scheme.
"This means that as of October 6, when the new SEPA rulebook comes into force, the entire Montenegrin market will become fully integrated into the single European payments area," the Central Bank of Montenegro said.
The Central Bank of Montenegro explained that from October, all non-cash payment orders in euros between Montenegro and SEPA countries will be executed according to the same rules, deadlines and fees as domestic payments in the EU.
This means faster, safer and cheaper transactions for citizens, businesses and the public sector – with a direct connection to the European payments market.
"This important success confirms that the Montenegrin financial market is technically, regulatoryly and institutionally ready for full integration into the EU. SEPA membership is a key step towards the EU single market and strengthening trust in our financial system," the Central Bank of Montenegro concluded.
Montenegro became a member of the SEPA geographical area on November 21 last year. This gave the Montenegrin banking system, led by the Central Bank of Montenegro, the right to begin the process of joining the SEPA payment schemes, which includes technical and regulatory preparation and a formal application procedure under the EPC.
Joining the SEPA system represents a significant step towards strengthening Montenegro's financial integration with the EU, contributes to more competitive, secure and efficient payment transactions, and further strengthens the confidence of citizens, investors and partners in the stability and modernization of the Montenegrin financial sector.
Bonus video:
