Daily Dash: Montenegro And Albania Join SEPA Payment Schemes In Balkan Boon For Payments

November 22, 2024
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The European Payments Council has approved the inclusion of Montenegro and Albania in the Single Euro Payments Area (SEPA) payment schemes, expanding the initiative's geographical scope to 38 countries, including EU and non-EU members such as the UK and Switzerland.

The European Payments Council (EPC) has approved the inclusion of Montenegro and Albania in the Single Euro Payments Area (SEPA) payment schemes, expanding the initiative's geographical scope to 38 countries, including EU and non-EU members such as the UK and Switzerland.

This decision enables financial institutions in these countries to participate in SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) schemes.

Existing SEPA participants will now be able to process transactions with Montenegrin and Albanian institutions once they adhere to the schemes. 

According to the EPC, adherence for financial institutions in Montenegro and Albania is set to begin in April 2025. 

However, the operational readiness date (ORD) for payment service providers in these countries will be announced at a later stage.

 

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