Central Bank of Bosnia and Herzegovina applies for SEPA accession

The Central Bank of Bosnia and Herzegovina has formally applied for the country to join the Single Euro Payments Area (SEPA), following a two-year process to meet accession conditions. The European Payments Council and other European bodies will review the documentation, may request additional information and will make the final admission decision. Following admission, commercial banks will need to align their information technology and business systems with SEPA standards and gain access to the relevant European payment schemes. The central bank will coordinate these preparations, with the first SEPA transactions expected no earlier than six months after accession. Membership would enable faster and cheaper cross-border euro payments. World Bank estimates cited by the central bank indicate that Bosnia and Herzegovina could save about EUR 100 million in payment fees, while the country receives around BAM 4 billion in annual transfers from its diaspora and conducts more than 80% of its foreign trade with SEPA members.