Regulatory Alerts2024-12-25
Decision on Special Requirements for Credit Transfers and Direct Debits in Euro
The Executive Board of the National Bank of Serbia has adopted a Decision establishing business, technical, and operational requirements for executing credit transfers and direct debits in euro within the Single Euro Payments Area. The regulation mandates the use of IBAN for account identification and ISO 20022 XML standards for electronic messages, while requiring fully automated end-to-end processing and prohibiting the mandatory use of BIC codes. It further specifies detailed data elements for transaction initiation, consumer protections for direct debits, and sets the effective date for application upon Serbia's accession to SEPA.
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