The working hours of the Central Bank of Montenegro (CBCG) payment system will be extended until 20 pm today.
"This means that money payments made on weekdays by 19:30 p.m. (up to one thousand euros), or 20 p.m. (for amounts greater than one thousand euros), will be processed and available on the recipient's account on the same day," the statement said.
This innovation was introduced based on the Decision on Amendments to the Rules on the Operation of the Payment System, which was adopted by the Council of the Central Bank of Montenegro on July 9 this year, with the aim of increasing the efficiency, speed and availability of payment services for citizens and businesses.
The new provisions, envisaged by the Decision on Amendments to the Rules on the Operation of the Payment System, include the extension of the RTGS (real-time gross settlement) system's operating hours, whereby payments exceeding one thousand euros, made by 20 p.m. on weekdays, will immediately arrive at the recipient's account.
The new provisions also include the extension of the DNS system (Deferred Net Settlement) for payments up to one thousand euros and the introduction of six daily clearing cycles instead of the previous three, thanks to which this type of payment, made by 19:30 p.m., will arrive in the recipient's account on the same day.
"The aforementioned changes bring a number of benefits - citizens will have faster access to paid funds, the economy will be able to plan and fulfill obligations more efficiently, while sectors such as tourism and e-commerce will have a faster inflow of funds," explained the Central Bank of Montenegro.
The extension of the payment system's working hours is part of a broader project to modernize Montenegro's payment systems, thereby aligning domestic payment transactions with European Union (EU) standards and best international practices, both regulatory and operational.
"In the next phase of modernization, as of October 20 this year, the Central Bank of Montenegro will expand the operation of the payment system to include weekends and public holidays, which represents an additional 118 days of operation of the payment system per year, which will ensure continuous processing of payment transactions throughout the year," the Central Bank of Montenegro stated.
The above activities represent a significant step towards the introduction of the TIPS Clone system, thanks to which citizens and businesses will be able to send and receive payments in real time, anytime and from anywhere, 24 hours a day, 365 days a year, starting in July next year.
"CBCG will continue to improve the payment infrastructure, in line with user needs and technological trends, while ensuring the efficiency and reliability of the payment system," the supreme monetary institution concluded.
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