The positive decision of the European Payments Council allows payment service providers in Serbia to adhere to various SEPA schemes that are managed by the EPC. This will facilitate financial transfers in EUR and will also significantly reduce the cost and processing time of these transactions between citizens, businesses, and other SEPA members. Ultimately, the decision for Serbia to join SEPA will contribute to a sustainable economic growth and will directly benefit Serbian citizens.
The European Commissions is set to continue supporting the preparation of Serbia’s payment service providers as well as the country’s further alignment with the EU regulations for a future accession to the European Union.
Serbia applied to join the European Union back in 2009 and has been a candidate for membership since 2012, along with other nine countries. Negotiations began in 2014. Joining SEPA is an important milestone for Serbia as it will facilitate international transactions and reduce the cost and their processing time, potentially leading to more foreign direct investments (FDIs), which are crucial for the country’s development.
EPC represents an independent international not-for-profit association with 83 members consisting of PSPs and associations of PSPs. Currently, around 4,000 banks and other payment service providers participate in SEPA schemes which facilitate capital transfers and provide transparent processes. The schemes facilitated more than 50 billion cross-border euro transactions in 36 countries in 2024 alone.
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