NewsErste Bank introduces electronic banking guarantee system in Montenegro

Erste Bank introduces electronic banking guarantee system in Montenegro

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Erste Bank Podgorica has introduced a new electronic banking guarantee system, which is now operational within the institution. This move aligns with the provisions of Montenegro’s Public Procurement Law. The Ministry of Finance has been duly informed of this development.

According to the Ministry, this implementation marks a significant advancement for Montenegro’s banking sector. They commended Erste Bank’s efforts, acknowledging that this innovation enhances the efficiency of the public procurement system in the country, particularly with the introduction of electronic banking guarantees.

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Highlighting the importance of this initiative, the Ministry emphasized Montenegro’s ongoing efforts towards full digitization of public policies. They see the adoption of electronic banking guarantees as a crucial step in accelerating the Ministry of Finance’s activities and improving the overall public procurement system. This introduction within Montenegro’s banking framework is seen as a vital milestone, indicating that tender offers can now be entirely submitted electronically, streamlining the procurement process.

The Ministry expressed optimism that Erste Bank’s initiative will inspire other banks to develop similar electronic banking guarantee systems. This, they believe, will contribute to enhancing the efficiency of the public procurement process and ensuring greater security in contractual relations between the public sector and the economy.

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By implementing such systems, the Ministry aims to align with the requirements of the Public Procurement Law, particularly regarding the submission of bid guarantees through the Electronic Public Procurement System. This approach simplifies the process for bidders, eliminating the need for physical submissions during the bidding period.

Ultimately, the Ministry looks forward to continued collaboration with the banking sector to further enhance public policies and improve the sector’s efficiency, benefiting both the government and businesses alike.

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