First Meeting of the SEPA Accession and Participation Coordination Committee
20/12/2024
The Committee for the coordination of accession and participation in the Single Euro Payment Area (SEPA) held its first meeting today at the Central Bank of Montenegro (CBCG).
The SEPA Accession and Participation Coordination Committee was established to support banks and payment institutions joining SEPA payment schemes. It consists of representatives from the CBCG, the Ministry of Finance, and the Association of Montenegrin Banks, and it is chaired by the CBCG Vice-Governor Ms Zorica Kalezić.
At today’s meeting, the Committee discussed strategic issues related to the accelerated integration of Montenegrin banks into the SEPA system, including the activity plan, technical preparations and migration deadlines. It highlighted that the calendar of the European Payment Council (EPC), the SEPA’s umbrella institution, foresees to begin receiving applications from Montenegrin financial institutions in the SEPA payment schemes in April 2025. The EPC will determine the date of operational readiness of payment service providers from Montenegro and the execution of the first payment transactions at a later stage. In this context, banks in Montenegro are already proactive to meet the set deadlines and ensure the successful joining of the SEPA system.
The meeting conveyed that the Montenegrin banks’ operations must be harmonised with international standards and that payment service providers and users are adequately informed and prepared for all the changes brought by integration into SEPA.
The Committee will continuously work to improve cooperation with banks and other interested parties and promote the application of best practices in payment operations.
As a reminder, Montenegro was the first to receive a positive decision from the EPC and became a full-fledged member of the SEPA on 21 November this year. Montenegro’s accession to the SEPA is a historic step forward in the country’s integration into the EU’s financial ecosystem, which will bring numerous benefits to Montenegrin citizens and the economy, primarily through much cheaper, faster, and safer international payment transactions.
As the carrier of activities related to Montenegro’s membership in SEPA, the CBCG continues to coordinate the process with full dedication and regularly and transparently informs the public about further steps in implementing this important project.