Podgorica, (MINA-BUSINESS) – The Montenegrin Banking Association has welcomed the launch of the TIPS Clone system, enabling citizens and businesses to use a new generation of payment services – faster, more accessible, and more efficient real-time payments, available 24 hours a day, seven days a week.

“The successful implementation of this system is the result of complex technical, organizational, and operational activities carried out over the previous period, creating the conditions for establishing a modern, secure, and reliable infrastructure for instant payments in line with the highest European standards,” the Association said in a press release.

According to the press release, users can transfer funds through the TIPS Clone system within just a few seconds, regardless of the time of day, weekends, or public holidays.

“In this way, citizens and businesses gain a faster, simpler, and more efficient method of executing payment transactions, while fees for instant payments are lower than or equal to those charged for existing payment transactions,” the Banking Association said.

Unlike traditional payment transactions, which were dependent on business hours and interbank settlement cycles, this system enables payments to be executed at any time. 

This means that funds become available to recipients within just a few seconds, 24 hours a day, seven days a week, 365 days a year.