Modernizing the payment infrastructure is one of the main objectives of the National Bank, Governor Trajko Sllaveski stated. He emphasized that the implementation of instant payments through a national platform, which is a reproduction of the European TIPS system, marks a crucial step in this direction.
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The governor explained that it is a system that processes payments in a few seconds, with low fees and available without interruption. “We will no longer have situations when, after official hours, you have to wait until the next day or for funds to be credited after one or two days. Money will be transferred instantly, 365 days a year,” Sllaveski highlighted.
In the initial phase, the service will be accessible through existing mobile and electronic banking channels, ensuring faster and less complicated transfers for users, regardless of banking hours or the day of the week. According to him, this development also creates the premises for new payment methods, such as transactions at point-of-sale terminals, the use of QR codes, as well as sending money using a mobile number or email address, eliminating intermediaries that weigh on the cost.
The adoption of this system is part of a broader strategy of the National Bank to improve the payment infrastructure, increase efficiency, and provide citizens and businesses with modern, fast, and easy-to-use services.
In a broader context, the governor also noted the European dimension of the initiative. North Macedonia is part of the group of Western Balkan countries that have been invited to join the instant payment system of the European Central Bank, even before full membership in the European Union.
Moving on to other achievements in the field of payment systems, Sllaveski mentioned the country’s integration into the Single Euro Payments Area (SEPA), finalized on October 7 last year. As a result of this membership, about 60% of cross-border payments in euros now go through SEPA, bringing a significant reduction in costs and commissions for transfers of citizens and companies.
