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Central Bank in payment system

Payment system means a funds transfer system with formal and standardized arrangements and common rules for the processing, clearing and/or settlement of payment transactions between participants in the system.

Payment systems should be safe and reliable, and to ensure safe and sound execution of payment transactions and continuity of availability to users. Since payment systems affect the economic flows pace, costs and participant’s liquidity, and that their inadequate functioning may aggravate the stability of the whole financial system, the Payment System Law provides necessary authorisations to the Central Bank for providing safe and efficient functioning of payment systems.

Aware of payment system’s importance, the CBCG has initiated its reform since its establishing in 2001. The Payments System Development Strategy in Montenegro was made in the very beginning of reforms. Taking into account rather specific and functionally complex payment system inherited from former SFRY and FRY, the reform was done in phases bearing the following priorities:

  • Demonopolisation of payment system operations so that commercial banks provide all payment operations services to their clients;
  • Creation of completely new, modern payment system with maximum implementation of all relevant international recommendations and banking standards and the country-specific needs.

All these activities were conducted in cooperation with commercial banks, public authorities and companies and other relevant entities, and with intensive consultant assistance of specific international organisations and central banks of the neighbouring countries.

The history of activities on creating the new payment system:

  • Payments System Development Strategy in Montenegro, adopted in Q4 2003;
  • International Bidding for the purchase of IT solution for the new Intra-bank payment system (IPS) in Q4 2003; 
  • Purchase of IT solution for new MPS in July 2004; 
  • Testing of the system in interaction with banks started in October 2004; 
  • Regulatory framework adopted in December 2004; 
  • Final testing performed in December 2004; 
  • New payment system started in January 2005.

During the last decade, significant step on strengthening the Central Bank payment system was made through the promotion and affirmation of international standards, recommendations and the best practice as a desirable framework for the design and functioning of payment systems.

The Payment System Law regulates the establishing and operations of payment systems, settlement finality in payment systems, supervision and oversight of payment systems, whereas Operating rules of the CBCG Payment system regulate standardised procedures and common rules for processing, calculation and/or settlement of CBCG’s Payment System participants.

It is important to note that there are no legal limitations to organise payment systems by other entities other than the CBCG. In that case, the CBCG issues licence for payment system operations and performs its oversight.



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