Tanja Miscevic (BETAPHOTO/AMIR HAMZAGIC)
Minister for European Integration Tanja Miscevic said in an April 3 comment for the BETA Daily European Service that Serbia had to fulfill legal criteria in order to join the Single Euro Payments Area (SEPA).
Miscevic explained she referred to regulations in the areas of payment services, prevention of money laundering and the financing of terrorism, banking operations, protection of competition, personal data protection, etc. SEPA is an EU initiative for payment integration aimed at simplifying euro-denominated bank transfers.
Miscevic said that the National Bank of Serbia started working on the pre-notification application last year, and that alignment with law and regulations in that field had begun much earlier. "Enormous benefits lie in potential membership of this program. When Serbia joins the SEPA, the costs of any transaction will be reduced considerably, including those related to payments and remittances," said Miscevic.
The SEPA region consists of 36 European countries, including non-EU members.
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