Tabakovic: NBS to complete harmonization with EU regulations this year

This year, we will complete the harmonization with EU regulations by transposing the PSD2 Directive into domestic legislation, which enables open banking in the Republic of Serbia, said the governor of the National Bank of Serbia (NBS), Jorgovanka Tabakovic, as announced on the NBS website.

At the Conference “Development of financial services: opportunities and challenges” in Belgrade, she said that alignment with the PSD2 Directive was a part of their preparations for joining the SEPA, i.e. the Single Euro Payments Area.

– Joining the SEPA will enable the reduction of payment costs between the EU and Western Balkan economies, which will mean cheaper transactions for both citizens and businesses – said Tabakovic.

She added that ahead of the NBS were demanding activities concerning the development of the technical infrastructure for connecting the NBS IPS system to the ECB TARGET Instant Payment Settlement (TIPS) scheme.

To this end, she said, they have initiated talks with the ECB.

According to her, the NBS IPS system has also been recognized as significant by Rakuten Viber, with which they started cooperation, expecting instant payments to be easily initiated via Viber as well.

She pointed out that it would be an important novelty given the number of Viber users in Serbia.

– We are preparing the implementation of the 3DS standard, which will further enhance the security of online payments – said Tabakovic.

She added that, within the NBS IPS system, they had developed a fraud management module, aimed at establishing a mechanism for detecting potential payment frauds.

This module, according to her, is based on adaptive machine learning and is available to all NBS IPS participants that can integrate it into their information systems.

The module is currently active in the NBS IPS test environment.

Narodna banka Srbije Beograd

National Bank of Serbia

NBS

European Central Bank

Rakuten Viber

Jorgovanka Tabakovic

open banking

Development of financial services opportunities and challenges

Single Euro Payments Area

SEPA

PSD 2 directive

ECB TARGET Instant Payment Settlement scheme

TIPS

3DS standard

NBS fraud management