The Central Bank of Montenegro published remarks by Governor Irena Radovic from a regional central banking conference in Ohrid, where she set out Montenegro’s experience of becoming the first Western Balkan country to meet the requirements for full Single Euro Payments Area (SEPA) membership and described how this is shaping its payments digital transformation. Radovic linked SEPA implementation to faster, more secure and lower-cost euro payments to and from the European Union, and reported early trends including growth in low-value payments up to EUR 200 and increasing volumes and values of SEPA transactions. She also cited higher use of digital services among small and medium-sized enterprises and households, and pointed to domestic fee-limit regulation under which individuals’ first daily transaction is now free of charge. Alongside infrastructure changes, she highlighted accelerated work with the Government and Parliament on new regulatory packages for payment systems, financial services and anti-money laundering. On next steps, Radovic pointed to a joint project with the Bank of Italy to establish a TIPS Clone solution to enable instant euro payments in Montenegro and later across the region, built on the Banca d’Italia TIPS platform. She also framed the project as a foundation for additional services such as QR-code payments, Request-to-Pay and instant cross-border transfers.
Central Bank of Montenegro 2025-10-29
Central Bank of Montenegro outlines early SEPA membership outcomes and plans for a TIPS Clone instant payments solution
Governor Irena Radovic of the Central Bank of Montenegro highlighted Montenegro as the first Western Balkan country to meet full SEPA membership requirements, enhancing euro payment efficiency and security. She noted increased digital service use among SMEs and households, and ongoing regulatory work on payment systems and anti-money laundering. Radovic announced collaboration with the Bank of Italy to implement a TIPS Clone solution for instant euro payments, laying groundwork for future services like QR-code payments and instant cross-border transfers.