Serbia Expected to Join SEPA Payment System on May 22
Central Bank Governor Jorgovanka Tabaković confirms no objections from the European Commission regarding Serbia's application to the SEPA payment area.
BELGRADE: Jorgovanka Tabaković, the Governor of the National Bank of Serbia (NBS), announced today that Serbia is expected to be admitted to the Single Euro Payments Area (SEPA) on May 22. The admission follows a meeting scheduled for that date, during which the European Commission has raised no objections to the documents submitted by Serbia.
Tabaković stated, "Everything has been done regarding our admission to the SEPA payment area, both by the Ministry of Finance and the NBS.
However, the rules have changed, and a law concerning the prevention of money laundering and a central register of real owners needed to be adopted."
She expressed her belief that Serbia's progress in the SEPA application process was hampered by its achievements.
"Sometimes you suffer when you are better than others, and Serbia is literally experiencing setbacks in its SEPA application process because it is better than all the others.
We seem to have boasted too much about our savings and progress, and we waited too long, only to find ourselves stumbling as a result," Tabaković remarked.
The Governor also highlighted Serbia's implementation of an Instant Payment System prior to its application to the European Central Bank, which has been operational for six years.
"All other countries that have already been admitted to SEPA only have a certificate stating that they are members of SEPA and will work on further development, infrastructure, and the inclusion of banks.
Serbia, on the other hand, has already implemented the Instant Payment System, with all banks participating in it," she said.
Tabaković emphasized that the groundwork required for SEPA had largely already been completed by Serbia.
In addition, she pointed out the country’s own Diners card system, which maintains low costs.
"I will not mention the savings that Serbia has achieved, not for itself but for its clients, citizens, and everyone who uses the Diners card.
What is Europe doing today?
Creating its own card system, unwilling to depend on Mastercard and Visa," she concluded, reiterating the importance of building systems that can be independently controlled for future development.
Tabaković stated, "Everything has been done regarding our admission to the SEPA payment area, both by the Ministry of Finance and the NBS.
However, the rules have changed, and a law concerning the prevention of money laundering and a central register of real owners needed to be adopted."
She expressed her belief that Serbia's progress in the SEPA application process was hampered by its achievements.
"Sometimes you suffer when you are better than others, and Serbia is literally experiencing setbacks in its SEPA application process because it is better than all the others.
We seem to have boasted too much about our savings and progress, and we waited too long, only to find ourselves stumbling as a result," Tabaković remarked.
The Governor also highlighted Serbia's implementation of an Instant Payment System prior to its application to the European Central Bank, which has been operational for six years.
"All other countries that have already been admitted to SEPA only have a certificate stating that they are members of SEPA and will work on further development, infrastructure, and the inclusion of banks.
Serbia, on the other hand, has already implemented the Instant Payment System, with all banks participating in it," she said.
Tabaković emphasized that the groundwork required for SEPA had largely already been completed by Serbia.
In addition, she pointed out the country’s own Diners card system, which maintains low costs.
"I will not mention the savings that Serbia has achieved, not for itself but for its clients, citizens, and everyone who uses the Diners card.
What is Europe doing today?
Creating its own card system, unwilling to depend on Mastercard and Visa," she concluded, reiterating the importance of building systems that can be independently controlled for future development.
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