Bosnia and Herzegovina launches instant‑payment system

On 20 July 2024 Bosnia and Herzegovina will activate a new instant‑payment system that transfers money between accounts in a few seconds, 24 hours a day, seven days a week. The service, built on the European Central Bank’s TIPS model, will initially handle inter‑bank transfers up to 5 000 KM; payroll and pension payments will continue using the existing process for now.

Halid Tvico, head of the Central Bank’s Payments Monitoring and Development Service, said the platform meets EU standards and removes time‑of‑day restrictions that previously limited transactions to business hours. Edis Ražanica, president of the Association of Banks of Bosnia and Herzegovina, highlighted the benefit for clients, noting that the system will be available at all times. Economist Muharem Karamujić called the change “long overdue” and praised its potential to improve competitiveness and cross‑border payments.

The rollout is phased, with full implementation scheduled by 31 July 2027. Future enhancements may include QR‑code payments and broader digital services.