Tabakovic: SEPA membership confirms Serbia's commitment to EU integration

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic said on Friday Serbia's Single Euro Payments Area (SEPA) membership was important for two reasons - because it confirmed the country's commitment to the EU integration process and because it opened the door to improving the performance of cross-border payments.

"First, formally joining SEPA is a confirmation of our commitment to the process of European integration. It is proof of our clear European path and the strengthening of financial ties with the European Union, as well as evidence that our financial sector – namely, the institutions that comprise it – operates in accordance with European regulations and standards.

Second, but no less important, fulfilling this formal requirement opens the door to what is the essence of this process: improving the performance of cross-border payments.

This means that payments made by our citizens and businesses to entities in EU countries and other SEPA members will become more favourable – with lower fees and shorter processing times," Tabakovic said in an NBS statement.

"This notable achievement is the result of efforts undertaken by the National Bank of Serbia, in cooperation with the Ministry of Finance and other Serbian institutions, to align our regulations and practices with the rules and standards applied in the EU, in order to provide citizens and businesses with the most advanced payment and other financial services," she noted.