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01/04/2025

The CBCG has successfully switched to ISO 20022, the up-to-date international standard for payment system data exchange. This standard replaces the SWIFT MT system used to perform international financial transactions so far.

This significant change is part of a broader process of modernising payment systems and aligning with global trends and best practices in international financial business.

ISO 20022 is a global standard that enables the electronic exchange of financial data between banks and other financial institutions. This new standard makes data exchange:

• more detailed and precise, improving the quality and quantity of data that financial institutions exchange;

• faster and safer, meaning that transactions reach their destination more efficiently and with less risk;

• more transparent, making monitoring and oversight of transactions simpler; and

• more open to innovation, enabling a more straightforward introduction of new payment services and the application of new technologies.

The CBCG implemented this transition independently, using its technical and professional capacities. The CBCG conducted detailed testing during the implementation and coordinated with international financial institutions for a safe and uninterrupted transition.

After successfully implementing the new standard for international payment transactions, the CBCG plans to introduce the same standard in domestic payment transactions in the following period. It will further modernise the payment infrastructure of Montenegro and ensure compliance with European rules and standards.

The CBCG will continue to monitor and apply modern solutions in finance, aiming to constantly improve the Montenegrin payment infrastructure, harmonising it with European legislation and strengthening the efficiency, security and compliance of the Montenegrin financial system with global standards and practices.