At a conference of Mediterranean central banks, Central Bank of Montenegro Governor Irena Radović reported measurable gains from aligning the country’s payment infrastructure with European standards. More than 180,000 Single Euro Payments Area transactions worth almost EUR 3.3 billion were processed in the first 10 months, generating estimated savings of over EUR 8.1 million for citizens and businesses and reducing the average transaction cost by almost 92% compared with previous SWIFT arrangements. Radović also provided an update on TIPS Clone, the domestic instant payment system previously targeted for launch in July. Available through all 11 commercial banks since July 20, it enables transfers within seconds at any time, with fees for electronic transfers of up to EUR 200 capped at EUR 0.05. She identified cross-border instant payments and stronger consumer protection as the next priorities, emphasizing that common standards, interconnected infrastructure and clear accountability are needed to avoid market fragmentation.
Central Bank of Montenegro reports EUR 8.1 million in SEPA savings and nationwide instant payments rollout
Central Bank of Montenegro Governor Irena Radović reported that more than 180,000 SEPA transactions worth almost EUR 3.3 billion generated estimated savings exceeding EUR 8.1 million in their first 10 months. TIPS Clone has also been available through all 11 commercial banks since July 20, providing round-the-clock instant transfers with fees capped at EUR 0.05 for electronic payments up to EUR 200. Cross-border instant payments and stronger consumer protection are the next priorities.