Skopje, 27 September 2023 (MIA) - Reducing costs and improving payment efficiency, facilitating cross-border trade and investments, are only some of the many benefits of the Single Euro Payments Area (SEPA), said a panel discussion on the integration of regional payment systems for facilitating trade and preparing Western Balkan countries for their eventual integration in the Eurozone, held within the Berlin Process Forum of Economic Ministers in Tirana on Wednesday, with the attendance of National Bank vice-governors Ana Mitreska and Fadil Bajrami.

Joining SEPA and connecting with the payment infrastructure of the European Central Bank is of high interest to Western Balkan countries, while connecting with the regional payment systems by applying European standards, regulatory requirements, and exchange of experiences is an important step forward towards achieving these goals, the National Bank said in a press release.

Vice-governor Mitreska said that North Macedonia aims to integrate in the payment systems within the European payment infrastructure, which is why a project to modernize payment systems within the Western Balkans was implemented, under the auspices of the European Commission and the World Bank's support.

She added that in the coming period, other regulations should also be adopted regarding SEPA and cross-border payments. In addition to legal, North Macedonia needs technical alignments of the payment systems with standards practiced by SEPA, which is why the National Bank, banks and payment system operators, are focused on their implementation by the end of 2025.

"The complexity of this process requires coordination with other central banks in the Western Balkan region, exchange of knowledge and strengthening communication with relevant EU institutions, in order to bridge legal and technical gaps, as we prepare the application for SEPA," Mitreska said.

The panel discussion was also attended by Albanian Central Bank Governor Gent Sejko, Kosovo Governor Ahmet Ismaili, Vice-governors Ernadina Bajrovic and Zorica Kalezić, as representatives from the central banks of Bosnia and Herzegovina and Montenegro, respectively.  ssh/nn/

Photo: National Bank