The Central Bank of Montenegro (CBCG) confirmed that Alta Pay Group Podgorica had no outstanding payment orders when its payment-services authorisation was withdrawn, reporting that all accepted transactions had been completed before the regulatory measure took effect.
Since commencing operations, the payment institution processed 851,527 payment orders, with an average transaction value of approximately €63. It also conducted 468 money transfers, averaging €187 per transaction.
According to CBCG, all accepted payment orders had been executed, leaving no unsettled transactions when the institution’s authorisation was withdrawn. The regulator issued the clarification following concerns about customer funds and the continuity of payment services after the licence revocation.
Alta Pay’s payment activities and regulatory status
Alta Pay operated as a payment institution, not a commercial bank, and was not authorised to accept customer deposits. Its activities were restricted to domestic payments and money transfers within Montenegro, without the ability to process international transfers. CBCG also clarified that the reported transaction volume does not represent the number of individual customers, as the same person or company could have initiated multiple payment orders.
Following the withdrawal of its authorisation, Alta Pay and its authorised agents are prohibited from accepting payments or conducting money transfers on behalf of the institution.
Retail outlets, kiosks and other businesses that previously hosted Alta Pay services may nevertheless continue their independent commercial operations. Customers can continue making payments through banks and other licensed payment-service providers, with CBCG stating that the regulatory decision does not threaten financial stability or the normal functioning of Montenegro’s payment system.
Supervisory concerns and licence withdrawal
The decision followed supervisory concerns over Alta Pay’s continued compliance with legal operating requirements, including provisions governing qualifying shareholders and the secure provision of payment services.
The Montenegrin regulatory action came shortly after Serbia revoked the banking licence of ALTA Banka. The two institutions operated under different regulatory authorisations.
CBCG’s confirmation that all accepted payment orders had been completed establishes that no unsettled transactions remained at the time Alta Pay lost its authorisation. Further developments concern the possibility of legal proceedings challenging the withdrawal and any additional regulatory findings regarding the institution’s ownership structure and compliance arrangements.
