Direct Payment Operations of Montenegro with Serbia and BiH by Year’s End

Universal Capital Bank (UCB), the only one which has found an interest in establishing direct payment operations with Serbia and Bosnia and Herzegovina (BiH), expects the system to be operational by the end of the year.

– It is difficult to come out with a precise deadline, but if there are no major technical challenges, we expect the first transactions to be done by the end of the year. We are fully dedicated to it, because this project is of remarkable importance for us – UCB told the Pobjeda daily.

UCB signed an agreement on the participation in international payment clearing with the Central Bank of Montenegro (CBGC), and the testing of the system with the National Bank of Serbia (NBS) is in progress.

At UCB, they also say that they are the first bank from Montenegro to access that system, which is why they have no example they can make comparisons with.

When asked which kinds of accounts and documentation are needed for establishing payment operations with Serbia, whether the system with BiH is the same, the bank responds that it is the same as every external payment and that, in line with the local regulations, a transaction account for international payment operations needs to be opened.

Universal Capital Bank

UCB

Central Bank of Montenegro

CBCG

National Bank of Serbia

NBS

payment operations

direct payment operations with Serbia

direct payment operations with BiH