FAQ

Instant payments are a new feature of the domestic payment system that enables individuals and businesses to send and receive money within seconds, at any time of the day, every day of the year.

In practice, this means that a user can initiate an instant payment through their bank and the funds become available to the recipient almost immediately.

The TIPS Clone system is a new payment infrastructure that enables the execution of instant payments in Montenegro.

The introduction of instant payments brings tangible benefits to individuals, businesses and the broader economy.

For individuals, instant payments are useful in many everyday situations, such as sending money quickly to a family member, paying for a service, settling an obligation or making any payment that requires immediate execution.

For businesses, particularly retailers, hospitality businesses, craft businesses, and small and medium-sized enterprises (SMEs), instant payments mean faster collection of funds, improved liquidity, and simpler day-to-day operations. Funds are available almost immediately, making it easier to manage purchases, bookings, and financial obligations.

Instant payments are available 24 hours a day, 365 days a year, including weekends and public holidays.

This means that payments can be made at any time, without waiting for business hours or payment processing cycles.

No. Instant payments do not require a new application, a new account or any additional registration.

Individuals and businesses access this service through their bank, using the channels made available by their bank.

Instant payments are available for transactions between individuals and legal entities within Montenegro, for amounts of up to €3,000.

At present, instant payments cannot be used for payments to government accounts designated for the collection of public revenues (such as taxes, social security contributions, customs duties, excise duties, fees, charges, fines, court fees, and the like).

There is no daily limit on the number of instant payments. Users may initiate multiple instant payments, subject to the rules and procedures of their bank.

For instant payments of up to €200 initiated via mobile or e-banking, banks may not charge more than €0.05 per transaction.

The same rule applies to receiving instant payments of up to €200, so the fee for receiving such payments may not exceed €0.05.

For example, if you previously paid ten monthly utility bills (electricity, water, telephone and other services) at a bank branch and paid a total of €5 in transaction fees, by paying the same bills via mobile or e-banking using instant payments, you will pay no more than €0.50 in total.

For instant payments exceeding €200, the fee may not be higher than the fee the bank charges for a standard account-to-account transfer.

Customers can obtain information on the applicable fees from their bank or on the CBCG website.

No. Electronically initiated payments are less expensive than over-the-counter payments.

For this reason, customers are encouraged to use mobile and e-banking, as digital services provide a faster, simpler and more cost-effective payment experience.

With standard payments, the execution of payment transactions may depend on payment processing cycles and the operating hours of payment systems, meaning that funds are not always transferred immediately.

By contrast, instant payments enable funds to be transferred from the payer to the payee within seconds, every day of the year.

The Central Bank of Montenegro has established the infrastructure for instant payments, financed through an €8 million loan from the World Bank.

The CBCG performs a systemic role in the national payment system by establishing the regulatory framework, ensuring the conditions for the operation of payment systems, overseeing their functioning, and continuously enhancing the security and efficiency of payments in Montenegro.

Commercial banks provide payment services to their customers-individuals and businesses. User accesses instant payment services through their bank, in accordance with the available channels and applicable system rules.

Banks apply appropriate security mechanisms and customer protection procedures in accordance with applicable regulations and security standards.

Given the speed at which instant payments are executed, users should take particular care when entering payment details.

Before confirming a payment, users should carefully verify the recipient's details, the account number and the payment amount.

This is particularly important because instant payments are processed within seconds.

Instant payments are executed within seconds and once the transaction has been completed, they generally cannot be cancelled.

For this reason, users should carefully verify all payment details before confirming the transaction.

If a user enters incorrect payment details or sends funds to a wrong recipient, they should immediately contact their bank. The bank will attempt to resolve the issue in accordance with the applicable procedures and in cooperation with the recipient`s bank.

If fraud or an unauthorised transaction is suspected, users should immediately contact their bank so that appropriate protective measures can be taken.

The introduction of instant payments enables individuals and businesses to make transactions more quickly and at lower cost, thus bringing Montenegro closer to EU standards. The TIPS Clone system operates on the same technological principles as the TIPS service used in the EU.

The next phases of development involve additional services, including QR code payments, payments using a mobile phone number, Request to Pay services, and other features that will make modern payment services even simpler and faster for individuals and businesses.