The National Bank’s MIPS was upgraded to making euro payments and connecting to TARGET2
Skopje, 28 March 2017
Press release of the NBRM
In early 2017, the National Bank of the Republic of Macedonia began operating a system for cross-border payments in euros, by connecting the Macedonian Interbank Payment System (MIPS) with TARGET 2 (Trans-European Automated Real-Time Gross Settlement Express Transfer System) of the Eurosystem. For this purpose, the National Bank’s MIPS was upgraded to making euro payments and connecting to TARGET2 through the Bank of Italy. Thus MIPS has grown into dual-currency system for payments in denars and euros. This project has fully implemented the recommendation for creating an alternative channel for payments in euros, besides the correspondent banking, under the IPA Needs Analysis Report of the NBRM conducted by representatives of the European Central Bank and the central banks that form the Eurosystem. Thus, the commercial banks in the Republic of Macedonia that are licensed to deal with payment operations and have euro accounts in the National Bank's MIPS will have the opportunity to make cross-border payments in euros for its clients (legal entities and natural persons) using the fastest and safest payment system in Europe - TARGET2.The ultimate goal of this project is faster and safer cross-border payments in euro and reduction of cost for the benefit of the broader economy, including companies and households.The project as such is the second generation of reforms in the payment infrastructure, after the first significant payment operations reform in 2001. This project has ensured higher levels of payment integration of the Republic of Macedonia into the payment infrastructure of the European Union, and represents a major step towards convergence of the operating standards of the National Bank to the operating standards of central banks of the EU member states.In the period ahead, the National Bank will promote the new system for cross-border payments in euros. In this context, the new system will first be presented to the banking and business sector in the Republic of Macedonia at the event which will be held today at the National Bank. This system will also be promoted to the public in order to better inform the citizens about the possibilities of using this new channel for cross-border payments.
All rights reserved © 2017
National Bank of the Republic of Macedonia