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Direct payment trafffic of Serbia and Montenegro coming soon

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Technical preparations for joining the Central Bank of Montenegro and a commercial bank from Montenegro, which recently expressed interest in joining the International Clearing System in foreign currencies, whose operator is the National Bank of Serbia (NBS), are underway, the National Bank of Serbia said.

The interest of the bank, as they said in the NBS, was expressed since it recognized that its use would significantly reduce its costs, i.e. the transfer of funds to Serbia, as well as the transfer of funds from banks operating on the territory of Serbia to clients of that bank, which would be carried out at minimal cost and during the same business day.

They also noted that, given that banks from the territory of Bosnia and Herzegovina (BiH), as well as the Central Bank of Bosnia and Herzegovina, participate in the aforementioned NBS clearing system, this way would enable faster and cheaper transactions between banks participating in to the clearing system of the NBS from Montenegro and Bosnia and Herzegovina.

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In coordination with the Central Bank of Montenegro and the aforementioned bank, a future participant in the NBS clearing system, the technical preparations and work tests necessary for the inclusion of the bank in this NBS system are currently underway, while we emphasize that the NBS as the operator of the aforementioned system provides all assistance and support in order to implement the aforementioned inclusion in the shortest possible time – the central bank states.

They note that it is necessary for the future participating bank to ensure the technical readiness of its information system for participation in the NBS clearing system, which the bank is actively working on, while both central banks within their competences have provided the necessary preconditions for this inclusion to be realized, and thus in connection, performed the necessary tests.

When the bank provides the necessary technical prerequisites, that is, after the necessary tests are carried out and the bank’s technical readiness for participation is confirmed, the next stage of the inclusion process will be started.

The NBS reminds that the National Bank, among other payment systems, also manages the International Clearing System in foreign currencies of the NBS and specifies that it is a payment system for payments between countries in the region in euros, which offers participants numerous advantages.

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