Regulatory Alerts2020-01-01
Decision on the Requirements for Executing Credit Transfers and Direct Debit Transactions in Euro within the Single Euro Payments Area (SEPA)
The Council of the Central Bank of Montenegro issued this Decision to establish the technical and operational requirements for executing euro-denominated credit transfers and direct debits within the SEPA framework. It mandates that payment service providers utilize IBAN identifiers and ISO 20022 XML message formats while ensuring end-to-end straight-through processing and strict data element transmission. The regulation defines specific data obligations for both credit transfers and direct debits, including mandate handling and payer rights, and remains in force until Montenegro's accession to the European Union.
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