The Single Euro Payments Area (SEPA) is actively benefiting citizens and businesses by reducing costs, speeding up transactions, and simplifying payment processes for international transfers and remittances. According to the Vice Governor of the National Bank, Emilija Nacevska, these advantages are already tangible for those sending or receiving money across borders.

Speaking at the 16th Conference on Payments and Market Infrastructure, Nacevska outlined the next key objective: the widespread adoption of instant payments as a standard practice. This initiative aims to enable near-instantaneous transactions (24/7/365) through a secure system with central bank settlement.

Further enhancing regional integration, efforts are underway to interconnect payment systems within the Western Balkans and link them to the European TARGET Instant Payment Settlement (TIPS) platform. This move is expected to accelerate the economic integration of the region into the European Union.

The conference also addressed the critical importance of resilience and trust in payment systems to ensure economic stability. Participants emphasized that sharing experiences, conducting thorough testing, and coordinating responses to incidents are crucial for maintaining public confidence.

Fintech companies and non-bank payment service providers are playing an increasingly significant role in the payment ecosystem, offering speed, convenience, and competition. However, Nacevska stressed the importance of these entities also bearing the responsibility for safeguarding users and their data.

Finding the right balance between innovation and stability is vital, and regulators should foster new ideas while ensuring payment security and customer protection. Proportionality in regulation is key to creating a level playing field for all market participants.

Nacevska concluded by noting the progress made since the previous conference, highlighting the shift from planning to tangible results and real solutions. She affirmed that efforts are focused on transforming concepts into visible benefits, expressing gratitude to conference participants for their collaboration in building a safer and more efficient payment ecosystem.