Instant payments in Montenegro from today: Money transfers completed within seconds, five-cent fee for transactions of up to 200 euros

The Central Bank of Montenegro officially launched the TIPS Clone instant payment system today, enabling citizens and businesses to transfer funds from one account to another within seconds, 24 hours a day, every day of the year, including weekends and public holidays.

According to the Central Bank, Montenegro has become the first country to successfully deploy the TIPS Clone platform while simultaneously integrating its entire banking sector into the system.

- All 11 banks operating in Montenegro now provide instant payment services. Citizens and businesses can use instant payments as one of the available options for transferring funds („urgent“ or „instant“) through their existing banking channels, without the need to open a new account or install a separate application - the Central Bank said in a statement.

In addition to speed, instant payments also reduce transaction costs. Under a decision adopted by the Council of the Central Bank, the fee for electronic instant transfers of up to 200 euros is capped at five euro cents.

- The same rule applies to incoming instant payments of up to 200 euros, the fee may not exceed five euro cents. For instant transfers exceeding 200 euros, banks may not charge more than the fee applicable to a standard account-to-account transfer - the statement said.

Governor of the Central Bank Irena Radović said the launch of the system was the result of extensive cooperation between the Central Bank, Montenegro's banking sector, and international partners.

- After enabling faster, simpler, and significantly cheaper transfers to European Union countries through SEPA, today we are taking another major step by bringing European standards and benefits to Montenegro's domestic payment system as well - Radović said.

She stressed that the reform would have a tangible impact on the daily lives of citizens and businesses.

- For no more than five cents, citizens and businesses can electronically transfer up to 200 euros, with the funds reaching the recipient's account almost instantly. This means less waiting, simpler day-to-day payments, and greater flexibility for citizens. For businesses, it means faster cash flow, more efficient operations, and improved liquidity management - Radović said.

Prime Minister Milojko Spajić described the launch of the TIPS Clone system as one of the most significant reforms of Montenegro's payment infrastructure and further proof that European integration delivers concrete benefits for citizens and businesses. He noted that, from today, electronic instant payments of up to 200 euros would be around six times cheaper than before.

European Central Bank President Christine Lagarde described the launch of the platform as an important milestone for Montenegro and another step in the country's successful integration into Europe's payment infrastructure.

- Less than a year ago, Montenegro became the first Western Balkan country to implement SEPA credit transfers. Within just a few months, the average cost of international payments fell by more than 90 per cent. Montenegro has gone from having the highest cross-border payment costs in the Western Balkans to becoming the lowest-cost payment corridor with the European Union - Lagarde said.

She also highlighted the long-term economic significance of modernising the country's payment infrastructure.

- The Central Bank of Montenegro estimates that the combined long-term effects of SEPA integration and the introduction of the TIPS Clone platform could generate annual economic benefits equivalent to approximately 2.3 per cent of GDP. The infrastructure launched today is reliable, sustainable, and designed to deliver benefits for many years to come - Lagarde said.

Antonella Bassani, the World Bank's Vice President for Europe and Central Asia, said the modernisation of Montenegro's payment system would bring tangible benefits to citizens, businesses, and the economy as a whole.

- For individuals, this achievement means greater financial inclusion and easier access to affordable financial services. By 2030, we expect the modernised payment system to enable an additional 110,000 people, including 70,000 women, to gain access to financial services - Bassani said.

Bank of Italy Governor Fabio Panetta described the TIPS Clone platform as a practical example of financial integration and the value of cooperation among European central banks. He said the project opens a new chapter in the modernisation and integration of payment systems across the Western Balkans, improving efficiency, interoperability, and alignment with European payment standards.

Minister of European Affairs Maida Gorčević said the introduction of instant payments is not merely a technological innovation but „proof that Montenegro is not waiting until EU membership to implement European standards, we are adopting them now, step by step“.

European Union Ambassador to Montenegro Johann Sattler said the launch of the TIPS Clone instant payment system brings Montenegro even closer to European standards.

- These are the kinds of changes that people notice in their daily lives and in their wallets - they make doing business easier, save time, and create new opportunities - Sattler said.

The TIPS Clone system introduced in Montenegro has been developed using the technological principles and standards of the European TIPS (TARGET Instant Payment Settlement) infrastructure and adapted to the needs of Montenegro's domestic payment market. The project was implemented with the technical and professional support of the Bank of Italy, which operates the original TIPS platform on behalf of the Eurosystem. The initiative was also supported by the European Central Bank and the World Bank, which approved an 8 million euros loan to the Central Bank of Montenegro for the project.