Central Bank of Montenegro launches TIPS Clone instant payments across all 11 banks, caps fees at EUR 0.05 for transfers up to EUR 200

The Central Bank of Montenegro has launched the TIPS Clone instant payment system, enabling account-to-account transfers in seconds on a 24/7 basis, including weekends and public holidays. The service is available through all 11 banks operating in Montenegro, making the country the first to deploy the TIPS Clone platform with simultaneous participation of its entire banking sector. Customers can use instant payments through their existing banking channels as an urgent or instant transfer option, without opening a new account or installing a separate application. The launch is paired with regulated pricing. Under a decision of the central bank council, the fee for electronically sending instant payments of up to EUR 200 is capped at EUR 0.05, and the same cap applies to receiving instant payments of up to EUR 200. For instant payments above EUR 200, banks cannot charge more than the fee for a standard account-to-account transfer. The platform is based on the technological principles and standards of the European TARGET Instant Payment Settlement, or TIPS, infrastructure and was adapted for Montenegro's domestic market with technical support from the Bank of Italy. The project also received support from the European Central Bank, while the World Bank provided an EUR 8 million loan to finance implementation. At the launch, officials also linked the rollout to Montenegro's broader integration into European payments infrastructure. The central bank's estimate, cited by European Central Bank President Christine Lagarde, is that the combined long-term effects of SEPA integration and TIPS Clone could generate annual economic gains equivalent to around 2.3% of GDP.