Montenegro’s financial authorities are continuing regulatory reforms and infrastructure preparations aimed at introducing instant payments and deeper integration with European financial standards, according to discussions held at a meeting of the Council of the Central Bank of Montenegro (CBCG) chaired by Governor Irena Radović.
The central bank emphasized that the new regulatory measures and technical projects are designed to modernize the national financial system, strengthen financial stability and support Montenegro’s EU accession process, particularly in areas related to banking supervision and payment infrastructure.
A central topic of the meeting was the adoption of several new by-laws governing the supervision of financial conglomerates. These conglomerates consist of groups of connected companies engaged in financial activities and linked through ownership or management structures. By introducing these regulations, the CBCG aims to align Montenegro’s supervisory framework with European Union directives, ensuring greater legal certainty and consistency in financial oversight.
The Council also adopted amendments to the regulatory framework governing the minimum requirements for own funds and eligible liabilities of credit institutions, a key component of modern bank resolution policy. The changes improve the framework used to determine capital buffers and loss-absorbing capacity in the event of financial stress, bringing Montenegro’s rules closer to EU standards for managing bank crises.
These reforms contribute to fulfilling the benchmarks under Chapter 9 – Financial Services, one of the negotiation chapters in Montenegro’s European Union accession process.
Another set of regulatory measures was adopted following amendments to the Law on the Development Bank of Montenegro. The central bank introduced five new by-laws regulating the operations and supervision of the Development Bank, aimed at ensuring stronger oversight and clearer operational rules for the institution within the country’s financial system.
Instant payment system development
Alongside regulatory alignment, the central bank reviewed progress on the TIPS Clone project, which will enable citizens and companies in Montenegro to perform real-time payments.
The system is modeled on the TARGET Instant Payment Settlement (TIPS) infrastructure used within the euro area and is intended to allow payments to be processed instantly and around the clock, significantly improving transaction speed and efficiency in the domestic banking system.
According to the central bank, the implementation of the project is proceeding in line with the planned timeline and represents a key step toward building a modern, digital and more efficient payment infrastructure in Montenegro.
The instant payment system is expected to become operational around mid-2026, enabling 24/7 real-time payments between bank accounts for both individuals and businesses.
Integration with European payment systems
The modernization of Montenegro’s payment system is closely linked to the country’s integration into the Single Euro Payments Area (SEPA). Montenegro joined the SEPA geographical area in 2024, and banks began operating within the system during 2025, enabling euro transfers under the same standards used across the European Union.
SEPA integration allows payments across Europe to be executed with similar speed, cost and reliability as domestic transactions, reducing friction for cross-border transfers and supporting trade, remittances and digital commerce.
The introduction of instant payments through the TIPS Clone platform represents the next phase of this integration, extending the functionality of SEPA transfers by enabling immediate settlement and continuous operation of payment services.
Financial system modernization
The combination of regulatory alignment, SEPA integration and instant payment infrastructure forms part of Montenegro’s broader strategy to modernize its financial system and align it with European regulatory and technological standards.
For citizens and businesses, the expected outcome will be faster transactions, lower payment costs and greater efficiency in the financial sector. For the banking system, the reforms strengthen operational resilience and improve the competitiveness of Montenegro’s financial services market.
The CBCG views these initiatives as essential for strengthening the stability of the national financial system while accelerating the country’s institutional and economic integration with the European Union’s financial architecture.
