Regulatory Alerts2020-01-01
Decision on Method and Time Limits for Submitting Interchange Fee Data
The Council of the Central Bank of Montenegro mandates that domestic payment service providers must submit quarterly interchange fee data to the regulator using a prescribed electronic template. Providers are strictly liable for data accuracy and must file submissions within fifteen days following the end of each quarter, with hard copies required only upon request. This decision applies to all consumer card transactions where both the payer and payee service providers are headquartered in Montenegro, taking effect eight days after its Official Gazette publication and applying retroactively to the original interchange fee law.
Pursuant to Article 44 paragraph 2 item 3 of the Central Bank of Montenegro Law (OGM 40/10, 6/13, 70/17) and Article 7 paragraph (5) of the Law on interchange fees and separate business rules concerning payment cards (OGM 145/21), the Council of the Central Bank of Montenegro, at its meeting held on 30 November 2023, passed the following DECISION ON THE METHOD AND TIME LIMITS FOR SUBMITTING DATA ON INTERCHANGE FEES Article 1 This Decision shall prescribe the method and the time limits for submitting the data on interchange fees to the Central Bank of Montenegro (hereinafter: the Central Bank) charged by the payment service providers for executing payment transactions in Montenegro on the basis of payment cards issued to consumers, where the payer’s payment service provider and the payee’s payment service provider have their head offices in Montenegro. Article 2 The payment service providers shall submit to the Central Bank the data referred to in Article 1 of this Decision using the template which is attached to this Decision and makes an integral part thereof. The payment service providers shall be liable for the accuracy of data referred to in paragraph (1) of this Article. Article 3 The payment service providers shall deliver in electronic form data to be submitted in accordance with this Decision, and in hard copy at the request of the Central Bank. The payment service providers shall submit data referred to in paragraph (1) of this Article on quarterly basis no later than 15 days following the expiry of the respective quarter. Article 4 This Decision shall enter into force on the eighth day following that of its publication in the “Official Gazette of Montenegro”, and it shall apply as of the commencement date of the Law on interchange fees and separate business rules concerning payment cards (OGM 145/21). Decision number: 0101-8834-2/2023 Podgorica, 30 November 2023 CHAIRPERSON GOVERNOR, Radoje Žugić, m.p.
2 Annex
TEMPLATE MN Name of the payment service provider In ________________________, _____________ 20 Report composed by: Telephone and e-mail:
No. - product number is entered Name of the payment brand - name of the payment brand is entered (Visa, Mastercard) Type of the payment card - type of the payment card is entered (debit/credit) Amount of interchange fee in % - a number representing the percentage of interchange fee is entered Amount of interchange fees as at __________________ No. Name of the payment brand Type of the payment card Amount of interchange fee in % 1. 2. 3.