The Central Bank of Montenegro has signed a licensing agreement with the European Payments Council (EPC) to bring European rules and technical standards for instant payments into Montenegro and enable the launch of a domestic instant payment scheme aligned with SEPA standards under the TIPS Clone project. The licence positions Montenegro as the first Western Balkans country to secure the regulatory and technical framework for SEPA-standard instant payments, following its accession to the SEPA payment area on 6 October 2025. Implementation is being developed to match the operational rules and functioning of the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service, with the Bank of Italy acting as the technical provider; the agreement is described as a prerequisite for successful delivery. The planned system is intended to support near-instant, 24/7 payments for citizens and businesses, with an emphasis on faster execution, lower transaction costs, and greater interoperability with the European payments market. Application of the instant payments system is planned for 20 July 2026.
Central Bank of Montenegro 2026-03-31
Central Bank of Montenegro signs European Payments Council licence to roll out SEPA-aligned instant payments from 20 July 2026
The Central Bank of Montenegro has signed a licensing agreement with the European Payments Council to introduce a domestic instant payment scheme aligned with Single Euro Payments Area standards under the TIPS Clone project. Montenegro becomes the first Western Balkans country to secure the framework for SEPA-standard instant payments, with implementation mirroring the Eurosystem’s TARGET Instant Payment Settlement service and the Bank of Italy as technical provider. The system will enable near-instant, 24/7 payments with lower costs and greater interoperability with the European payments market.