Montenegro and SEPA: Faster and cheaper transactions from 5 October
The European Payments Council (EPC), the umbrella body of the Single Euro Payments Area (SEPA), has set 5 October 2025 as the operational readiness date for Montenegrin banks to switch to SEPA payment schemes. Beginning on this date, Montenegro’s citizens and the economy will be able to perform the first transactions through the SEPA system, enabling faster and highly cheaper money transfers within the EU and beyond.
This decision followed the updated EPC announcement on 15 January 2025 and represents a significant step in integrating the Montenegrin payment system with European standards.
This timeline leaves Montenegrin banks, payment service providers, and participants of the SEPA payment system in other countries additional space for technical harmonisation, user education and optimisation of operational procedures to ensure smooth connection and provision of services through SEPA payment schemes. Due to considerable technical assistance and regular monitoring of banks’ progress on the Montenegrin market, the CBCG expects the operational readiness of a substantial part of our market at the end of June 2025, even though the EPC has formally set5 October as the operational readiness date.
The EPC’s decision involves the technical adjustment of over 3,500 banks already part of the SEPA system to integrate the Montenegrin market and adapt to the new SCT Inst rules that will come into force on 5 October 2025. These rules make instant payments mandatory for all banks in the SEPA area, enabling transactions within ten seconds, 24/7/365, with no additional costs compared to standard SEPA transfers. In addition, it will introduce stricter security measures, including verifying the matching of the IBAN with the recipient’s name, so this requires coordinating and implementing these activities and changes in the banking sector within the SEPA market.
According to the EPC work calendar, the reception of applications from Montenegrin banks to join the SEPA payment scheme begins on 18 April, while the deadline for submission is 22 August 2025 to achieve operational readiness this October. In this context, with the coordination of the CBCG, banks in Montenegro are already actively working to meet the set deadlines and ensure the successful joining of the SEPA system.
The adoption of the SEPA payment system will provide citizens and the economy of Montenegro with faster, safer and significantly more favourable payment transactions within the European Union and beyond. This step will improve the efficiency of the payment system, enable lower business costs, and increase Montenegro’s connection with European markets, further encouraging the economic integration and competitiveness of Montenegro’s financial sector.
Source: Central Bank of Montenegro