The Central Bank of Montenegro (CBCG) will continue to provide necessary regulatory and technical assistance to ensure that banks are prepared to submit their applications for joining the SEPA payment schemes by April. This is when the European Payments Council (EPC), according to its calendar, will begin accepting applications from Montenegrin financial institutions, as stated in the press release.
The CBCG organized a workshop titled “European Payments Council and SEPA: A Comprehensive Overview” for over 100 representatives from financial institutions in Montenegro and central banks from the region.
As noted by the CBCG, the focus of the hybrid-format workshop was on the regulatory and technical aspects of Montenegrin financial institutions joining the Single Euro Payments Area (SEPA) payment schemes. Special attention was given to the rules and guidelines set by the European Payments Council, which is responsible for this process, the clearing and settlement mechanisms in the SEPA system, compliance with financial crime laws, and the SEPA migration project.
The workshop was opened by CBCG Vice Governor Zorica Kalezić, who emphasized that this was just one of many activities that the Central Bank of Montenegro is undertaking to support banks and payment institutions in their efforts to quickly join the SEPA payment schemes.
Presentations were given by Kjeld Herremani and Francis De Roeck, international experts with significant experience in payment systems and payment transactions, including the development of SEPA payment schemes.
“Montenegro’s accession to the SEPA system marks a historic step towards integration into the European Union’s financial ecosystem, which will bring numerous benefits to Montenegrin citizens and businesses, primarily in the form of significantly cheaper, faster, and safer international payment transactions,” the press release concluded.
