The National Bank of North Macedonia adds that “with the access to SEPA, the domestic payment service providers will have the opportunity to participate in payment systems in the SEPA area, which will ensure direct relations with many foreign payment service providers and reduce their costs arising from correspondent banking, which will contribute to faster and cheaper payments in euros for citizens and companies in the country”.
The Bank of Albania: Albania is quite advanced in meeting the criteria for joining the Single Euro Payments Area
The Bank of Albania underlines for the European Western Balkans that Albania was the first country submitting the Application in EPC for an access to SEPA geographical area, on 12 June 2024, and that the submission of the application was preceded by an extensive consultation process with the relevant institutions (EPC and DIGI FISMA) for drafting the application and evaluating the alignment of the Albanian legislation with SEPA requirements.
“Based on the World Bank evaluation, Albania appeared to be the most advanced country in meeting SEPA requirements. In this context is mentionable that Albania was the first country in the region transposing PSD2 in its legislation, which together with SEPA 1 regulation are the cornerstones of SEPA requirements. Furthermore, in the beginning of 2024, Albania has intensified the efforts for further aligning with SEPA requirements by drafting and approving of Regulation on the establishment of requirements for credit transfers and direct debits in euro, which transposes SEPA regulation in the Albanian regulatory framework”, the Bank of Albania states.
The Bank of Albania; Photo: Enrique Íñiguez Rodríguez / Wikipedia
The Bank of Albania adds that it is also “paving the road for the market actors in terms of technical standards”, by upgrading the Albanian Electronic Clearing House, “to be fully SEPA compliant”.
“We evaluate that Albania is quite advanced in meeting the criteria for joining the Single Euro Payments Area and expresses full commitment to undertake any further step needed for achieving this national objective”, the Bank of Albania concludes.
The National Bank of Serbia: We are looking forward to getting the official feedback from the European Commission on the Draft application soon
In a similar vein, the National Bank of Serbia explains for EWB that the “Draft application for the accession of the Republic of Serbia to the SEPA area has been sent for a preliminary opinion to the European Commission and the European Payment Council”.
They stress that “in the previous period, the National Bank of Serbia undertook a whole series of activities and measures aimed at the development and improvement of payment transactions in the country and abroad”.
“The process of improving the payment services market in the Republic of Serbia began in 2014, with the adoption of a modern legal framework for the provision of payment services – the law on payment services, and its amendments in 2018, as well as amendments from July this year, we achieved full compliance with the regulations of the European Union in the field of payment services”, the NBS says.
According to NBS, the Republic of Serbia has also harmonized its regulations in the field of banking, as well as prevention of money laundering and terrorist financing with relevant EU directives, regulations and international standards and recommendations.
“This is evidenced by the fact that after last December’s session of the Council of Europe Committee of experts for the assessment of measures for the Prevention of money laundering and terrorist financing (Manival), Serbia received recognition of the compliance of our regulations and practices with all 40 international recommendations, which only a dozen other jurisdictions in the world achieved at that time,” the NBS says.
The National Bank of Serbia adds that “all this has contributed to fact that the Draft application for the accession of the Republic of Serbia to the SEPA area, which we sent to the preliminary opinion to the European Commission and the European Payment Council, was assessed as the most detailed and complete by our colleagues from the World Bank who had an insight into the drafts of applications sent so far by the economies of the Western Balkans”.
“Having in mind such an assessment of colleagues from the World Bank that our draft application is the most complete, we expect to receive official feedback from the European Commission soon”, the National Bank of Serbia concludes.
The National Bank of Serbia; Photo: National Bank of Serbia
The Central Bank of Bosnia and Herzegovina: Current state of legislation in BiH does not meet the requirements of SEPA
The Central Bank of Bosnia and Herzegovina says for the European Western Balkans that the current state of legislation in that country does not meet the requirements necessary to access SEPA, and, therefore, the application for the membership has not been submitted yet.
“As we all know, the European Payments Council has established clear and transparent criteria for accession to SEPA, and the conditions for accession are met accordingly. The current state of legislation in Bosnia and Herzegovina does not meet the requirements of SEPA, it is an active process that involves the transposition of the necessary legislation”, the Central Bank of BiH clarifies.
According to them, the Central Bank of Bosnia and Herzegovina coordinates the SEPA connection mechanism and, together with the relevant institutions in BiH, with the support of our long-time partners USAID and the World Bank, is actively working on preparatory activities, including the legislative and infrastructure ones.
“The exact date of Bosnia and Herzegovina’s application should be fixed in the following period,” the Central Bank of BiH adds.
The Central Bank of Bosnia and Herzegovina; Photo: Milan Suvajac / Wikipedia
The Central Bank of Bosnia and Herzegovina notes that it is “aware” of the importance of entering the SEPA area, and that this implies harmonization with EU regulations.
“Also, entering SEPA can significantly affect the increase of digital payments and the reduction of the use of informal payment channels, thus contributing to economic development and closer integration with the European market,” the Central Bank of BiH concludes.
Source link : https://europeanwesternbalkans.com/2024/10/07/will-any-other-western-balkans-country-join-the-single-euro-payments-area-sepa-on-the-same-day-as-montenegro/
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Publish date : 2024-10-07 10:23:00
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