The Central Bank of Montenegro and the Bank of Italy signed a Letter of Intent to implement a TIPS clone project, formalising cooperation to establish an instant payment system in Montenegro. The document was also signed by the heads of the Central Bank of Bosnia and Herzegovina and the Central Bank of Kosovo, and by the first deputy governor of the Bank of Albania. The TIPS clone, based on the European TARGET Instant Payment Settlement (TIPS) model and supported by the European Central Bank, is intended to enable 24/7 real-time payments for citizens and businesses. The project is positioned as a step towards alignment with European and SEPA standards, facilitating transition to the cross-border SEPA instant scheme and paving the way for a move to the original TIPS system after Montenegro joins the European Union. Implementation activities under the signed arrangement between the Italian and Montenegrin central banks are set to begin in January 2025, with the system expected to become operational by June 2026. The Central Bank of Montenegro also plans supplementary services including QR code payments and a “request to pay” functionality.
Central Bank of Montenegro 2025-01-10
Central Bank of Montenegro signs letter of intent with the Bank of Italy to implement a TIPS clone instant payments system
The Central Bank of Montenegro and the Bank of Italy signed a Letter of Intent to implement a TIPS clone project, establishing an instant payment system in Montenegro. Supported by the European Central Bank, the project aims to align with European and SEPA standards, facilitating a transition to the SEPA instant scheme and eventual adoption of the original TIPS system post-EU accession. Implementation begins in January 2025, with operations expected by June 2026, including QR code payments and a "request to pay" feature.