Another bank has joined the Single Euro Payments Area (SEPA) credit transfer system, completing the process of the entire banking sector of the domestic economy entering this payment scheme, the National Bank of Macedonia (NBRM) said in a press release Thursday.
The central bank says that the inclusion of all banks in the SEPA credit transfer scheme represents a significant step in the further integration of the domestic payment system into the European payment area and contributes to improving the efficiency, speed and transparency of cross-border payments for citizens and companies.
Another benefit is the reduction in money transfer fees that citizens and businesses have to pay.
“The full inclusion of the banking sector in the SEPA credit transfer system enables wider availability of these services for citizens and companies, as well as increased competition and offer of payment services on the domestic market. This generally contributes to reducing fees and improving transparency in the execution of cross-border payments, especially for companies that actively trade with European Union countries and other SEPA member countries,” said the National Bank.
This top financial institution announces that in the coming period, it will continue to further expand the participation of domestic institutions in other SEPA schemes, in order to provide secure, efficient and modern payment services for citizens and companies.
