Direct Payment Transactions Between Montenegro and Serbia and BiH to Start After 16 Years – Lower Costs for Economy and Citizens

Direct payment transactions between Montenegro and Serbia and Bosnia and Herzegovina should be established this month after 16 years, through Universal Capital Bank (UCB), which is the only bank that has expressed an interest in this long time period in entering the clearing system of payments (direct payment transactions) between the three states.

This has been confirmed for Vijesti by the Central Bank and Universal Capital Bank.

That will mean lower costs for the citizens and the economy, because so far, they have had to pay money through foreign (correspondent) banks, which is more expensive. It also means that the money will be on the account on the same day it is paid.

When it is paid through correspondent banks, they have to wait for it for a few days.

In September 2007, the central banks of Montenegro, Serbia and Bosnia and Herzegovina, signed a special agreement on the clearing of international payments, which was supposed to make payment transaction services cheaper, however, direct payments took root in 2007 between Serbia and BiH, whereas Montenegro didn’t join the system, because the Montenegrin bank was not interested in entering this payment system.

The National Bank of Serbia (NBS) was named as the operator of this system.

Narodna banka Srbije Beograd

Centralna banka Crne Gore

Universal capital bank ad Podgorica

NBS

clearing system of payment

direct payment transactions