The banking sector in Montenegro has approached the implementation of joining the Single Euro Payments Area (SEPA) with professionalism and dedication, with the first transactions through these payment schemes set to commence on October 6, as announced during a workshop organized by the Central Bank of Montenegro (CBCG).

This workshop, aimed at representatives of the Montenegrin banking sector, was part of the preparations for the transition of local banks to SEPA payment systems.

Entitled “SEPA Compliance and the Application Process,” the workshop intended to equip banks with practical guidance and information to ensure successful navigation through the process.

Zorica Kalezić, Vice Governor of the Central Bank of Montenegro, opened the session by highlighting the professional and dedicated efforts of the banking sector in preparing for SEPA market integration.

“The project has reached an advanced stage of implementation, and with ongoing commitment from the banks, we expect them to start submitting applications to the European Payments Council by April. From October 6, citizens and businesses in Montenegro will benefit from the advantages of the SEPA system, enabling quicker, more affordable, and safer international payment transactions within the SEPA zone,” Kalezić stated.

The workshop emphasized the regulatory and legal aspects of Montenegrin financial institutions’ entry into SEPA payment schemes, particularly the documentation required by credit institutions for submission to the European Payments Council (EPC), the governing body of SEPA.

“We also addressed the changes introduced by the latest versions of SEPA payment schemes, the testing processes, the unique category of ‘R payment messages,’ alongside other technical details. Practical examples illustrated the challenges banks may encounter during this process and offered potential solutions,” the Central Bank of Montenegro noted.

The presentation by Kjeld Hereman from Paylume, a renowned international expert with extensive experience in payment systems and transactions, drew over 50 representatives from Montenegrin banks.

The EPC calendar indicates that application acceptance from Montenegrin banks for SEPA payment schemes will commence on April 11, with the first transactions via these schemes scheduled for October 6 this year.

“Montenegro’s entry into the SEPA system signifies a pivotal step towards integration into the European Union’s financial ecosystem, promising various benefits for Montenegrin citizens and the economy, notably reduced costs, quicker processing, and enhanced security for international payment transactions,” the announcement stated.

The Central Bank of Montenegro will persist in providing necessary regulatory and technical support in the upcoming period to ensure that banks are prepared to submit their applications and join SEPA payment schemes within the established timeline.

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