Meeting of the CBBH Governor with the UBBIH:Banks as key partners in payment system modernisation

The Governor of the Central Bank of Bosnia and Herzegovina (CBBH), Jasmina Selimović,Ph.D. and her associates held a working meeting with members of the Management Board of the Banks Association of Bosnia and Herzegovina (UBBIH) on the current projects of payment systems modernisation, with a focus on the implementation of the TIPS Clone system and accession to SEPA (Single Euro Payments Area).

Governor Selimović presented the current situation in the implementation of these strategic initiatives, which are parts of the CBBH Strategic Plan and fully aligned with the European Union (EU) standards. These projects will enable faster, safer, more efficient and cheaper payment transactions, both in the country and with foreign countries.

The Governor particularly stressed that commercial banks are irreplaceable partners in this process, their technical readiness, constructive cooperation and proactive participation being the basis for a successful transition to modern and efficient payment systems.

"SEPA and TIPS are fundamental changes bringing Bosnia and Herzegovina closer to European financial flows. The active participation of commercial banks in their implementation is crucial for ensuring benefits for citizens and economy", said Governor Selimović.

With regard to the integration into the SEPA, 16 out of 18 technical and regulatory criteria are currently met, while the submission of an application requires additional harmonisation of domestic legislation with the relevant EU regulations.

Related to the TIPS Clone system, which will enable instant payments, the system is planned to be operational from July 2026. In the coming period, the CBBH will provide banks with detailed technical specifications, organise workshops and provide continuous technical support.

The representatives of the UBBIH thanked the Governor and the CBBH for taking the leading role in the process of payment systems modernisation, especially with regard to joining the SEPA and implementing instant payments. They pointed out open and constructive communication with the CBBH, as well as the fact that the importance and responsibility of the banking sector are clearly recognized in these processes.

The Management Board and the Director of the UBBIH emphasized their full support for these strategic initiatives, confirming the banks' commitment to make available all their capacities to achieve a fast and efficient implementation. At the same time, they expressed their belief that these projects will bring enormous benefits to bank clients and the economy of Bosnia and Herzegovina, further strengthening the stability and competitiveness of the financial system.

Governor Selimović thanked the UBBIH for the continuing cooperation, stressing that the common goal is to build a stable and inclusive financial system, in the service of the development of Bosnia and Herzegovina's economy. At the same time, the implementation of these projects represents a step forward on Bosnia and Herzegovina's path towards European integration.