The first meeting of the SEPA Steering Group, organized by the Directorate General for Neighborhood and Enlargement Negotiations of the European Commission (DG NEAR), was held yesterday in an online format. The meeting was attended by the governors of central banks from the Western Balkans and Moldova, as well as representatives from the European Payments Council (EPC), the European Central Bank (ECB), the World Bank, and DG FISMA, the National Bank of Serbia (NBS) announced.
The SEPA Steering Group was established to bring together key stakeholders, including the central banks of the Western Balkans and Moldova, the European Payments Council, the ECB, and the World Bank, under the European Commission’s auspices. The group aims to provide a platform for sharing experiences, identifying challenges in aligning with SEPA standards, and developing practical solutions to overcome them. Given the varying stages of SEPA alignment across Western Balkan economies, DG NEAR stressed the importance of coordination and mutual support throughout this process.
During the meeting, NBS Governor Jorgovanka Tabaković highlighted Serbia’s readiness to assist other regional economies in the second phase of the SEPA integration project. This phase involves implementing the technical infrastructure necessary for payment transactions. Serbia’s instant payment system, IPS NBS, is the first and currently the only system for real-time payments in the region, and one of the first globally. The system has been successfully operational for over six years, allowing citizens and businesses to make payments 24/7, year-round, with simplicity and security.
Tabaković emphasized that Serbia’s success with the IPS system positions the country as a leader in payment system modernization and digitalization in the region. Serbia has demonstrated how modern technology can enhance the financial system and drive economic growth. Furthermore, as part of the SEPA accession process, the NBS is in discussions with the ECB to connect Serbia’s IPS system with the TIPS system, aiming to offer users the same quality of instant international payment services as domestic transactions. This move will also help reduce fees for international payment transactions within the SEPA area.
