The Central Bank of Montenegro published an update from the Montenegrin delegation’s participation in the World Bank and International Monetary Fund Annual Meetings in Washington, including discussions with senior World Bank officials on European integration and financial infrastructure modernisation. The release highlights that the payment system modernisation programme enabled the Central Bank and all commercial banks in Montenegro to integrate into the Single Euro Payments Area (SEPA) market on 7 October 2025. A central focus was the TIPS Clone project, the core component of the programme “Modernisation of Montenegro’s Financial Infrastructure and Alignment with SEPA Standards (TARGET Instant Payment Settlement Clone Plus)”. Funded by the World Bank through a loan to be repaid by the Central Bank of Montenegro, and implemented with technical expertise from the Banca d’Italia under World Bank coordination, the project aims to deliver an efficient, Europe-wide interoperable payment system enabling 24/7 instant payments, lower transaction costs and support for fintech and cross-border digital services. The Central Bank estimates the TIPS Clone Plus implementation could generate economic benefits of around EUR 160 million annually (approximately 2.3% of GDP) and reduce the income gap versus the EU average by more than 11 percentage points over the next decade; the update also notes cooperation with the World Bank’s Financial Sector Advisory Centre (FINSAC) to strengthen banking regulation and supervision in parallel with processes in Eurosystem central banks. The release points to July 2026 as the target for the interoperable payment system to be available to Montenegrin businesses and citizens, and notes the Tax Administration’s expectation that the RARP project will be completed by the end of this year.
Central Bank of Montenegro 2025-10-16
Central Bank of Montenegro confirms SEPA market entry and targets July 2026 for TIPS Clone Plus instant payments
The Central Bank of Montenegro participated in the World Bank and IMF Annual Meetings, focusing on integrating Montenegro's payment system into SEPA. The TIPS Clone project, funded by the World Bank and implemented with Banca d’Italia, aims to establish a 24/7 instant payment system, potentially generating EUR 160 million annually and reducing the income gap with the EU. The Central Bank is also collaborating with the World Bank’s Financial Sector Advisory Centre to enhance banking regulation and supervision.