During her recent visit to Serbia, European Commission President Ursula von der Leyen highlighted that Serbia is progressing toward joining the Single Euro Payments Area (SEPA). This membership would facilitate cheaper payment transactions within the region and the European Union.
The National Bank of Serbia has been working since 2014 to align its banking systems with SEPA standards, awaiting approval from the EU. Nebojša Matić, the Manager of the Year, expressed optimism about Serbia’s future accession to SEPA, noting that it would ultimately benefit businesses and consumers.
In an interview with Euronews, Matić discussed the significant banking costs faced by small and medium-sized enterprises when conducting business with the EU, stating that last year alone, they incurred fees of €42,500. He emphasized the potential savings if these costs were eliminated, allowing funds to arrive instantly without hefty commissions.
Bankers have indicated that SEPA membership would not only reduce fees but also enhance transaction efficiency. Financial consultant Vladimir Vasić explained that current transactions can take three to four working days, whereas under SEPA, they could be completed in seconds. The primary barriers to this transition are legal and technical adjustments.
Vasić also noted the substantial savings expected for both businesses and citizens, with direct payments from abroad amounting to €4 to €4.5 billion annually, indicating that consumers can anticipate improvements in this area.
However, EU officials recently cautioned that Serbia may face delays in joining SEPA, with the anticipated date possibly moving beyond January 1, 2025. Meanwhile, Montenegro appears poised to be the first country in the Western Balkans to benefit from SEPA, potentially eliminating transaction commissions by the new year.
Serbia has submitted a draft application for SEPA membership to the European Commission and the European Payment System, which has been positively received, according to Anastasija Vasiljević, Deputy General Director of the Payment System Sector.
