The first meeting of Montenegro’s National Committee for Payment Systems was held at the Central Bank of Montenegro. The committee discussed upcoming activities related to modernizing the national payment system, focusing on the recently launched next-generation RTS/X platform and the technical accession of Montenegrin banks to the Single Euro Payments Area (SEPA) schemes, including SEPA pricing policies. Other topics included the launch of the TIPS Clone project and the implementation of the International Bank Account Number (IBAN).
As part of the most significant functional and technological reform of Montenegro’s payment system since 2005, the RTS/X platform introduction aims to extend payment system operating hours until 8 PM and enable full operation during weekends and holidays by the end of 2025. This will allow citizens and businesses to make payments beyond traditional business hours without waiting for the next working day.
The committee also emphasized the benefits of introducing IBAN, which will enhance security, efficiency, regulatory compliance, and competitiveness in the national financial system.
Regarding SEPA membership, progress is on track for Montenegrin banks to join SEPA payment schemes, with full integration targeted by October 6, when Montenegrin users will be able to perform their first international SEPA transactions. Technical testing and tariff finalization are underway.
Discussions also covered the TIPS Clone system, developed with support from the European Central Bank and Bank of Italy, which will enable real-time instant payments, 24/7, with irrevocable settlement for Montenegro’s citizens and businesses.
The National Committee for Payment Systems, coordinated by the Central Bank of Montenegro and chaired by Vice Governor Dr. Zorica Kalezić, aims to improve payment standards and foster cooperation across institutions. It includes representatives from the Ministry of Finance, banking sector, employers’ unions, fintech community, and NGOs.
