Governor Radović at the International Central Banking Conference on the Digital Transformation of Payment Systems in Ohrid: SEPA and TIPS in the Focus of Montenegro’s Digital Transformation
29/10/2025
At the invitation of her Macedonian peer, Traјko Slaveski, the CBCG Governor Irena Radović, attended 16th International Conference on Payment Systems and Market Infrastructures entitled “Rewiring Payments in the Digital Age”, held on 28–29 October in Ohrid. The event was organised by the National Bank of North Macedonia and De Nederlandsche Bank, in cooperation with the European Commission, the European Payments Council, and the World Bank.
Governor Radović took part in the Governors’ Panel “Joining SEPA before EU Accession: Aligning Infrastructure, Regulation and Innovation”, alongside the governors of the central banks of Albania, Bosnia and Herzegovina, Kosovo, Moldova and North Macedonia, moderated by the World Bank.
In her address, Governor Radović presented Montenegro’s experience as the first Western Balkan country to meet the requirements for full SEPA membership. She emphasised that Montenegro’s accession to this European payments area was the result of years of work with domestic banks on aligning infrastructure, regulation and standards with EU legislation and best practice.
“With the introduction of SEPA transfers, citizens and businesses in Montenegro can now make payments to and from the EU faster, more securely and at significantly lower cost. Governor Radović presented the first positive outcomes of Montenegro’s SEPA membership: “In just the first few weeks, we have observed clear and positive trends – from a rise in low-value payments (up to €200), where every first daily transaction by individuals is now free of charge thanks to the CBCG regulation on fee limits, to steady growth in both the number and value of SEPA transactions, and an increase in the use of digital services among SMEs and households,” said the Governor. She added that these early results confirm SEPA’s contribution to lower costs, greater liquidity in the economy, financial inclusion, digitalisation, and progress towards a cashless society.
We have demonstrated that European integration into the financial infrastructure and the single market can be achieved through tangible results – enlargement by delivery – even before formal EU membership,” she concluded.
Governor Radović also highlighted that the CBCG, in strong partnership with the Government and Parliament, is fast-tracking the adoption of new regulatory packages in the areas of payment systems, financial services, and anti-money laundering. These efforts create the conditions for Montenegro’s further integration into the EU single financial market and the closing of relevant negotiation chapters in the EU accession process.
Speaking about the next steps, Governor Radović underlined the importance of the joint project with the Bank of Italy on establishing a TIPS Clone solution, which will enable instant euro payments in Montenegro – and later across the region – further deepening integration with the European Union’s payment infrastructure.
“Regional cooperation in implementing the TIPS Clone solution confirms that the digital transformation of the financial system knows no borders. Our goal is to provide citizens and businesses with faster, safer and cheaper payments across Europe,” Governor Radović concluded. She described the TIPS Clone project as a strategic undertaking and one of the most tangible examples of regional and European financial integration in practice. “For Montenegro and our partners in the region, this initiative is much more than a technological upgrade. It represents the building of a common infrastructure for instant payments, based on the proven TIPS platform of the Banca d’Italia, allowing citizens and companies to send and receive euro payments within seconds, 24 hours a day, every day of the year,” Radović explained. She added that the project would also lay the groundwork for new services such as QR-code payments, Request-to-Pay, and instant cross-border transfers.
The traditional International Conference on Payment Systems and Market Infrastructures gathers governors and senior representatives of central banks, European institutions and the financial sector from the region and the EU each year, providing a platform for sharing knowledge, experiences and best practices in the field of payment systems and market infrastructures – key pillars of a modern and secure financial environment. in addition to addressing current topics in payments and digital finance such as SEPA, TIPS and the European payment infrastructure, This year’s conference focused on cross-border payments and central bank digital currencies (CBDCs). Participants also discussed global initiatives of the Bank for International Settlements (BIS), the growing influence of fintech, open banking, new regulatory frameworks, and the role of payment service providers in shaping the future of payment systems for inclusive economic growth.