Regulatory Alerts2020-01-01
Decision on Core Elements of Payment Orders for National Transactions
The Council of the Central Bank of Montenegro issued this decision to prescribe the mandatory core elements and formatting requirements for written payment orders used in national transactions. The regulation specifies distinct data fields and physical characteristics, such as color-coded paper, for orders initiated by either the payer or the payee. It also mandates that payment service providers reject any orders lacking these prescribed elements and repeals previous decisions on credit and debit order minimums.
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