Skopje, 18 November 2023
The National Bank is intensively working on the adoption of the regulatory and technical EU standards in the payment аrеа for the country's accession to the Single European Payment Area (SEPA) as soon as possible, Vice Governor Emiliјa Nacevska said, who is participating in the high-level payment systems workshop, organized by the European Central Bank (ECB).
The transposing of a wide set of European Union directives and regulations pertaining to payment area into the country's legal system, which was implemented at the beginning of this year, ensured a high compliance in the legal framework for the purpose of country's accession to SEPA. In addition to harmonizing the legal framework, the National Bank is strongly committed to the application of ISO 20022 technical standards in the operations of the Macedonian Interbank Payment System (MIPS). It is an international standard that ensures interoperability of payment systems and enables their interconnection, thus ensuring the security and efficiency of cross-border payments. The National Bank, in cooperation with MIPS participants, is focused on the adoption of the latest standard in 2025, at the latest.
The approximation to the legal and technical standards of the European Union in the payment area with the support of the ECB aims to speed up and facilitate the access of the Western Balkans countries to SEPA, which is of exceptional importance for citizens and companies, taking into account the benefits of the low costs and the speed and efficiency in making payments in the thirty-six European member states.
The workshop was attended by members of the Executive Board of the ECB and governors and vice governors of the central banks from the Western Balkans countries. This is the first of four high-level workshops, which are part of the second phase of the Regional Program for Strengthening the Institutional Capacity of Central Banks in the Western Balkans, for which the European Union (EU) allocated Euro 3 million from its Instrument for Pre-Accession Assistance (IPA). III).
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