Step Towards Joining SEPA – What Do the Amendments Bring?
The National Bank of Serbia has adopted the Decision on Amendments to the Decision on Conditions and Manner of Performing Payment Transactions with Foreign Countries (“Official Gazette of the RS”, No. 24/2007, 31/2007, 38/2010, 111/2015, and 13/2025, hereinafter referred to as the “Decision“), aimed at harmonizing national regulations with European Union regulations in the field of payment systems. National banks play a crucial role in this process to enable the Republic of Serbia to join the Single Euro Payments Area (SEPA), where all entities can make and receive euro payments under equal conditions, regardless of location. The Decision will be applicable from the date of Serbia’s accession to the SEPA area.
The previous regulation stipulated that payments, collections, and transfers (“transactions“) were to be executed through foreign payment orders. The Decision introduces an exception, allowing transactions within the SEPA area conducted in euros to be carried out in accordance with SEPA rules.
The previous obligations of banks under points 4, 5, and 6 of the Decision will not apply to transactions within the SEPA area. In such cases, immediately after the funds are credited to the payee’s account, the bank will execute the payment, enabling the payee to access the funds without delay.
For payments abroad, a resident submits a payment order to the bank. Under the new regulation, it is now possible to provide the supporting document either along with the payment order or before the submission of the order. Additionally, the bank and the resident may agree that the resident is not required to submit this document, provided that no other regulation mandates its submission.
For additional information or consultations, the Tasić & Partners team is at your disposal.