Podgorica, (MINA-BUSINESS) – According to Minister of Finance Novica Vukovic, the draft amendments to the Law on Payment Operations aim to further modernize Montenegro’s payment system in line with the best European practices and legislation.

Speaking in Parliament, Vukovic said the proposed law would primarily affect payment service users in Montenegro by enabling access to funds in real time, 24/7, providing a high level of protection against fraud and incorrect payments, introducing mandatory verification of payment recipients, and ensuring appropriate checks related to the implementation of restrictive measures.

“On the other hand, the development of a transparent and stable regulatory framework will enable payment service providers to deliver services more efficiently, modernize, and encourage the development of new products related to the future functionalities of these payments,” Vukovic added.

Central Bank of Montenegro (CBCG) Governor Irena Radovic said the law would fully integrate Montenegro, as the only Western Balkan country, into the European financial framework for payments.

“By adopting this law, we are moving towards executing domestic payment transactions within a matter of seconds,” Radovic said.

For citizens, this means automatic access to their money, transfers completed within seconds, and improved liquidity. For companies, it means that funds can be transferred to suppliers within seconds, making businesses significantly more competitive and agile while enabling simpler and easier operations.