Montenegro SEPA payments save citizens and economy over 8.1 million euros

Central Bank of Montenegro Governor Irena Radović reported that the implementation of SEPA payments has generated over 8.1 million euros in savings for citizens and the economy during its first ten months. During the Tenth International Conference of Mediterranean Central Banks in Spain, Radović noted that more than 180,000 transactions, totaling nearly 3.3 billion euros, were processed through the system.

The transition to SEPA has reduced average transaction costs by nearly 92 percent compared to previous SWIFT arrangements. Additionally, Radović highlighted the domestic instant payment system, TIPS Clone, which has been available through all eleven commercial banks in Montenegro since July 20. This system allows for money transfers within seconds, 24 hours a day, every day of the year.