Governor Radović at the Annual Vienna Initiative Full Forum in Brussels: SEPA and TIPS are key to the Montenegrin payment system’s European integration
01/10/2025
The CBCG Governor Irena Radović, participated in the Annual Vienna Initiative Full Forum held on 29 and 30 September in Brussels, organised by the European Commission.
This year’s forum, dedicated to the opportunities and challenges brought by the Savings and Investment Union (SIU) project for the economies of Central and Southeast Europe, was opened by Maria Luís Albuquerque, European Commissioner for Financial Services and the Savings and Investment Union.
With high representatives of European institutions, international financial organisations, central banks, governments and the largest banking groups active in the region, the Forum discussed the directions of further development of European and regional financial markets and the strengthening of the EU’s strategic autonomy.
Governor Radović spoke on a panel dedicated to the process of accession of candidate countries for EU membership to Single Euro Payment Area (SEPA), together with Gert Jan Koopman, Director General of Neighbourhood & Enlargement Negotiations (DG NEAR), Giorgio Andreoli, Director General of the European Payments Committee (EPC) and Ludovic Francesconi, Director of Strategy and Market Development at the European Platform for Innovation in Payment Systems (EPI).
“Montenegro’s entry into SEPA represents a historic step forward for our financial sector, and for the process of integration into the European financial framework and the EU Single Market, significantly before full membership in the Union. From 7 October, when all 11 commercial banks operating in Montenegro will offer SEPA services to our citizens and the economy, providing fast, safe and many times cheaper cross-border transfers with EU countries and other member states of the SEPA area,” said Governor Radović and added that SEPA is “the pillar for enhancing competition, attractiveness for foreign investors and accelerated economic convergence of our income towards the EU average.”
Speaking about the next steps, the Governor presented that, in partnership with the Banca d’Italia, under the auspices of the ECB, the CBCG plans to launch a national instant payment system based on the TIPS model, the so-called TIPS clone in July 2026.
“This system, fully interoperable with European standards, will bring additional savings of several tens of millions of euros per year, speed up digitisation and improve financial inclusion,” emphasised Governor Radović.
The panel and this year’s Forum were closed by John Berrigan, Director General of DG FISMA.
Forum participants emphasised that the Savings and Investments Union project is crucial for strengthening the capital market, increasing household savings and diversifying sources of financing, since the region’s economies are still largely dependent on the banking sector. European officials emphasised the need for domestic savings and institutional investors to contribute more strongly to financing growth, innovation and sustainability.
Through annual fora, the Vienna initiative contributes to strengthening regional cooperation and building more modern and resilient financial systems, while the participation of the CBCG confirms Montenegro’s active contribution to European integration processes and strengthening the economic perspective of the CESEE countries of Central, Eastern and South-Eastern Europe.