Podgorica, (MINA-BUSINESS) – The Central Bank of Montenegro (CBCG) has launched the Instant Payment System (TIPS Clone), which will enable simpler everyday payments for citizens and more efficient operations and faster money flows for businesses, Governor Irena Radovic said.

 

Radovic added that the launch of the system is the result of the joint efforts of the Central Bank of Montenegro, the Montenegrin banking sector and international partners.

 

“After enabling faster, simpler and significantly less costly money transfers to the EU countries through the SEPA, today we are taking another important step by bringing European standards and benefits to domestic payment services as well,” Radovic said.

 

Prime Minister Milojko Spajic described the launch of the TIPS Clone system as one of the most significant payment system reforms and another clear demonstration that European integration delivers concrete benefits to both citizens and businesses. 

 

He noted that, as of today, electronic instant payments of up to 200 euros will cost approximately six times less than before.

The European Central Bank President Christine Lagarde described the launch of the platform as an important landmark for Montenegro and another step in the country’s successful integration into the European payment infrastructure.

 

“Less than a year ago, Montenegro became the first Western Balkan country to go live with SEPA credit transfers. In a matter of months, average international payment costs fell by more than 90 percent. Montenegro from the highest cost cross-border payment market in the Western Balkans to the lowest payment corridor to the EU,” Lagarde said.

 

She also highlighted the long-term economic benefits of modernizing the country’s payment infrastructure.

 

“The Central Bank of Montenegro estimates that the combined long-term effects of SEPA integration and the implementation of the TIPS clone could generate annual economic gains equivalent to around 2.3 percent of GDP. The infrastructure Montenegro launches today is built with that same quality - dependable, durable, and designed to bear fruit for years to come”, Lagarde stated.

 

Antonella Bassani, the World Bank Vice President for Europe and Central Asia, said that the modernization of Montenegro’s payment system will bring tangible benefits to people, businesses and the broader economy.

 

“For individuals, it means greater financial access and convenience at low cost. By 2030, we expect that additional 110,000 people, including 70,000 women, will gain access to financial services,” Bassani said.

 

Governor of the Bank of Italy, Fabio Paneta, described TIPS Clone as a practical example of financial integration and a testament to the value of cooperation among European central banks. 

 

He said that the project opens a new chapter in the modernization and integration of payment systems across the Western Balkans by supporting greater efficiency, interoperability and alignment with European payment standards. 

 

Minister of European Affairs Maida Gorcevic said that the introduction of instant payments is not merely a technological innovation but also “a clear confirmation that Montenegro is not waiting for the EU membership to adopt European standards - we are implementing them step by step today.”

 

The EU Ambassador to Montenegro, Johann Sattler, underlined that the launch of the TIPS Clone instant payment system brings Montenegro one step closer to European standards. 

 

“These are the kind of changes that people feel in their daily lives and in their pockets, making business easier, saving time, and creating new opportunities, the Sattler said.

 

The TIPS Clone system launched today in Montenegro has been developed based on the technological principles and standards of the European TIPS (TARGET Instant Payment Settlement) infrastructure and adapted to the needs of the domestic payment market, with the expert and technical support from the Bank of Italy, which operates the original TIPS platform on behalf of the Eurosystem. 

 

The project was also supported by the European Central Bank and the World Bank, which provided the CBCG with an €8 million loan to finance its implementation.