Instant Payments Launch in Montenegro Today: Money Transfer Within Seconds, 24/7/365

20/07/2026

Montenegro launches TIPS Clone – Another concrete step towards full integration into the European financial area 

• “Today, we are taking another major step forward by bringing European standards and benefits to domestic payments," said the CBCG Governor, Dr Irena Radović.
• “This is one of the most significant reforms of our payment system and further proof that European integration delivers tangible benefits for citizens and businesses," said the Prime Minister of Montenegro, Mr. Milojko Spajić.
• “Today, Montenegro has made another step forward, moving from the highest cost cross-border payment market in the Western Balkans to the lowest payment corridor to the EU,” said the President of the European Central Bank, Ms. Christine Lagarde. 

The Central Bank of Montenegro (CBCG) has launched today the Instant Payment System (TIPS Clone), enabling citizens and businesses to transfer funds from one account to another within just a few seconds, 24 hours a day, every day of the year, including weekends and public holidays.

With this launch, Montenegro has become the first country to successfully deploy the TIPS Clone platform with the simultaneous participation of its entire banking sector. 

Instant payment services are now offered by all 11 banks operating in Montenegro. Citizens and businesses can use instant payments as one of the available transfer options ("urgent" or "instant") through their banks' existing payment channels, without the need to open a new account or install a separate application.

In addition to speed, instant payments also offer lower transaction costs. Pursuant to a decision passed by the CBCG Council, the fee for electronically sending instant payments of up to €200 is capped at €0.05. The same fee cap applies to receiving instant payments of up to €200. For instant payments exceeding €200, banks may not charge a fee higher than that applicable to a standard account-to-account transfer.

The Governor, Dr Irena Radović, emphasized that the launch of the system is the result of the joint efforts of the Central Bank of Montenegro, the Montenegrin banking sector and international partners.

"After enabling faster, simpler and significantly less costly money transfers to the EU countries through the SEPA, today we are taking another important step by bringing European standards and benefits to domestic payment services as well," Governor Radović said.

She stressed that this is a reform whose benefits citizens and businesses will experience in their everyday lives and operations.

"For a maximum fee of 5 euro cents, citizens and businesses can electronically transfer up to 200 euros, with the funds reaching the recipient's account almost instantly. This means less waiting time, simpler everyday payments, and greater convenience for citizens. For businesses, it means faster cash flows, more efficient operations and improved liquidity management," the Governor highlighted.

The Prime Minister, Mr. Milojko Spajić, described the launch of the TIPS Clone system as one of the most significant payment system reforms and another clear demonstration that European integration delivers concrete benefits to both citizens and businesses. He noted that, as of today, electronic instant payments of up to 200 euros will cost approximately six times less than before.

The European Central Bank President, Ms. Christine Lagarde, described the launch of the platform as an important landmark for Montenegro and another step in the country's successful integration into the European payment infrastructure.

"Less than a year ago, Montenegro became the first Western Balkan country to go live with SEPA credit transfers. In a matter of months, average international payment costs fell by more than 90 percent. Montenegro from the highest cost cross-border payment market in the Western Balkans to the lowest payment corridor to the EU," Lagarde said.

She also highlighted the long-term economic benefits of modernising the country's payment infrastructure.

“The Central Bank of Montenegro estimates that the combined long-term effects of SEPA integration and the implementation of the TIPS clone could generate annual economic gains equivalent to around 2.3% of GDP. The infrastructure Montenegro launches today is built with that same quality - dependable, durable, and designed to bear fruit for years to come”, Lagarde stated.

Ms. Antonella Bassani, the World Bank Vice President for Europe and Central Asia, emphasized that the modernisation of Montenegro's payment system will bring tangible benefits to people, businesses and the broader economy.

“For individuals, it mean greater financial access and convenience at low cost. By 20230, we expect that additional 110,000 people, including 70,000 women, will gain access to financial services“, Basani said.

The Governor of the Bank of Italy, Mr.Fabio Paneta, described TIPS Clone as a practical example of financial integration and a testament to the value of cooperation among European central banks. He stressed that the project opens a new chapter in the modernisation and integration of payment systems across the Western Balkans by supporting greater efficiency, interoperability and alignment with European payment standards.

The Minister of European Affairs, Ms. Maida Gorčević, said that the introduction of instant payments is not merely a technological innovation but also “a clear confirmation that Montenegro is not waiting for the EU membership to adopt European standards - we are implementing them step by step today.”

The EU Ambassador to Montenegro, H.E. Johann Sattler, underlined that the launch of the TIPS Clone instant payment system brings Montenegro one step closer to European standards. “These are the kind of changes that people feel in their daily lives and in their pockets, making business easier, saving time, and creating new opportunities, the Ambassador said.

The TIPS Clone system launched today in Montenegro has been developed based on the technological principles and standards of the European TIPS (TARGET Instant Payment Settlement) infrastructure and adapted to the needs of the domestic payment market, with the expert and technical support from the Bank of Italy, which operates the original TIPS platform on behalf of the Eurosystem. The project was also supported by the European Central Bank and the World Bank, which provided the CBCG with an €8 million loan to finance its implementation.

Official Statements on the Launch of the Instant Payment System

Dr Irena Radović, Governor of the Central Bank of Montenegro

Milojko Spajić, Prime Minister of Montenegro

Christine Lagarde, President of the European Central Bank

Antonella Bassani, World Bank, Vice President for Europe and Central Asia

Fabio Panetta, Governor of the Bank of Italy

Maida Gorčević, Minister of European Affairs of Montenegro

Johann Sattler, Ambassador of the European Union to Montenegro