Decision on Core Elements of the Payment Orders for Executing National Payment Transactions through Transaction Accounts

1 [unofficially consolidated translation] DECISION ON CORE ELEMENTS OF THE PAYMENT ORDERS FOR EXECUTING NATIONAL PAYMENT TRANSACTIONS THROUGH TRANSACTION ACCOUNTS (OGM 048/14 of 13 November 2014, 050/14 of 28 November 2014, 104/26 of 17 July 2026) Article 1 This decision shall prescribe core elements of the payment orders for executing national payment transactions through transaction accounts and the manner of the completion thereof. Article 2 The payment orders referred to in Article 1 of this Decision shall be received and executed by the payment service providers who, in accordance with the law, open and maintain transaction accounts, as follows: banks and other credit institutions providing payment services; a branch of a credit institution from a third country with the head office in Montenegro, and 3) the Central Bank of Montenegro. Article 3 A payment order, within the meaning of this Decision, shall be the instruction that a payer or payee submits to the payment service provider referred to in Article 2 of this Decision for the execution of national payment transaction in the form of payment, payout or transfer of funds. Article 4 Written payment order has a rectangular form with dimensions 210X99 mm (equivalent to 1/3 of A4 format), with a minimum of required elements (hereinafter: core elements), which filling out, signing and verifying creates an order for executing national payment transactions. Core elements of a payment order for executing national payment transactions in electronic form shall be determined by the operating rules of the payment system, in accordance with the law. Article 5 Core elements of the payment order shall be blank spaces intended for specific purpose in the forms for filling out the data necessary for the execution of national payment transactions. Data shall be entered in specific blank spaces by numerical and letter characters. Core elements of the payment order prescribed of this Decision shall be mandatory for payment service provider referred to in Article 2 of this Decision. Article 6 Payment order may be initiated by:

1. Payer, or payee. Article 7 Payment order initiated by the payer (hereinafter: payer’s order) shall contain the following core elements: specific blank spaces on the left-hand side of the form to be filled out with the following:
2. Sign that indicates the payer’s order;
3. Name of the payer;
4. Purpose of payment;
5. Name of the payee; Stamp and verification of the payer as the initiator;

2 specific blank spaces on the right-hand side of the form to be filled out with the following:

1. Purpose of the order (transfer- payment-withdrawal)
2. Payer’s transaction account number;
3. Model (number of model of debit reference number);
4. Debit reference number; Amount (EUR currency designation to be written in front of the amount);
5. Payment code;
6. Payee’s transaction account number;
7. Model (number of model of credit reference number);
8. Credit reference number;
9. Payee’s signature;
10. Execution date;
11. Place and date of submission.

3. specific blank space for the urgency indicator in the middle of the upper part of the form. Article 8 The payment order initiated by the payee (hereinafter: payee’s order) shall contain the following core elements: specific blank spaces on the left-hand side of the form to be filled out with the following:

1. Sign that indicates the payee’s order;
2. Name of the payer as a consent provider;
3. Purpose of payment;
4. Name of the payee; Stamp and signature of the payee as the initiator; specific blank spaces on the right-hand side of the form to be filled out with the following:
5. Purpose of the order (transfer-withdrawal);
6. Payer’s transaction account number;
7. Model (number of model of debit reference number);
8. Debit reference number; Amount (EUR currency designation to be written in front of the amount);
9. Payment code;
10. Payee’s transaction account number;
11. Model (number of model of credit reference number);
12. Credit reference number;
13. Payee’s signature;
14. Execution date;
15. Place and date of submission.

3. specific blank space for the urgency indicator in the middle of the upper part of the form. Article 9 Schedule of elements of a written payment order shall be enclosed in Annex 1 of this decision and makes an integral part thereof. Schedule of elements of a written payment order shall be compulsory for payment service providers referred to in Article 2 of this Decision. Article 10 Payment services provider, referred to in Article 2 of this Decision may, in addition to the core elements, enter also other elements in the payment order form. When payment service provider referred to in Article 2 of this Decision, enters its logo as an element of the payment order, it must be entered in the upper-left corner of the form.

3 Article 11 The manner of entering core elements in the payment order form shall determine the type of payment transaction. The manner of entering core elements in the payment order form shall be enclosed in Annex 2 of this Decision and makes an integral part thereof. Article 12 Written payment orders shall be printed on a carbonless paper, in a variety of colours depending on the purpose, as follows: Payer’s order for the transfer shall be printed in yellow, type SCC 3.30% yellow; Payee’s order for the transfer shall be printed in green, type SCC 65.30% green; Payer’s order for the payment shall be printed in red, type SCC 26.30% red; and Payer’s order and the payee’s order for the payout shall be printed in blue, type SCC 47.30% blue. When printing certain payment orders, mark X shall be printed in the appropriate blank space that defines the purpose of the order, for the purpose of determining the purpose of the order. The text of the payment order shall be printed in black letters. Article 13 Payment service provider referred to in Article 2 of this Decision shall decline the payment order if it is submitted on the form that does not contain core elements prescribed by this Decision. Article 14 When the payment transaction is initiated by the payee on the basis of the consent of the payer provided to the payee, the payment service providers referred to in Article 2 of this Decision may execute payment orders only for the payee, who, in addition to the order, submits a certificate that their transaction accounts are not frozen pursuant to the law. Article 15 The payment service providers referred to in Article 2 of this Decision shall use an internal order for the removal of errors and omissions that occur during the work. The appearance of internal order shall be determined by the payment service providers referred to in Article 2 of this Decision, and it shall contain all elements as the order in which the error or omission has occurred. Article 16 Decision on the minimum elements of credit and debit orders (OGM 24/09, 41/09) shall be repealed with effect from the date of entry into force of this Decision. Article 17 This Decision shall enter into force on the day of its publication in the “Official Gazette of Montenegro”. CENTRAL BANK OF MONTENEGRO

ANNEX 1 SCHEDULE OF ELEMENTS OF THE PAYER’S ORDER Logo PAYER’S ORDER Urgency Transfer Payment Withdrawal (optional) (optional) (Payer’s transaction account number)

(Name of the payer) (Model) (Debit reference number)

EUR (Amount) (Payment code) (Purpose of payment)

(Payee’s transaction account number)

(Name of the payee) (Model) (Credit reference number) (Payee’s signature) (Transfer execution date) (Stamp and seal of the payer as the initiator)

(Place and date of order submission)

SCHEDULE OF ELEMENTS OF THE PAYEE’S ORDER Logo PAYEE’S PRDER Urgency Transfer Payment (optional) PAYMENT (optional) (Payer’s transaction account number)

(Name of the payer as a consent provider) (Model) (Debit reference number)

EUR (Amount) (Payment code) (Purpose of payment)

(Payee’s transaction account number)

(Name of the payee) (Model) (Credit reference number) (Payee’s signature) (Transfer execution date) (Stamp and seal of the payee as the initiator) (Place and date of order submission)

ANNEX 2 MANNER OF ENTERING THE CORE ELEMENTS OF THE PAYMENT ORDER No . Name of the core element of the payment order Content Number of characters for the numeric data/maximum number of lines* Maximum length of row for descriptive data Type of character S – code letter N – numerical SN – letter and numerical 1. Name of the transfer payer/payee Name and head office of the legal person or entrepreneur is entered, i.e. name, surname and residence of the natural person. Populated for all purposes Entered by the payer/payee. 335x SN 2. Payer’s transaction account Debit transaction account. Entered while transferring assets and cash payout. Entered by the payer/payee. 18n N 3. Number of the payee’s transaction number Transaction account to be approved. Entered while transferring assets and cash payment. Entered by the payer/payee. 18n N 4. Amount Amount of funds with two digits after decimal point. In front and behind the entered amount two mandatory horizontal lines are entered. Populated for all purposes Entered by the payer/payee. 12n,nn N 5. Payment purpose Payment purpose is entered. Populated for all purposes Entered by the payer/payee. 335x SN 6. Payment code Numerical data. Entered when needed. 3n N 7. Model (number of the model for debit/credit reference number Check digit of the payment reference number calculated according to Modulo 97. The entry of the check digit is not a prerequisite for the execution of the payment order; however, if entered, it must comply with the prescribed module. The module number determined by a decree governing the manner of the payment of public revenues shall be written for the payment of obligations based on public revenues. Entered when needed. Entered by the payer/payee. 2n N 8. Debit reference number Data is entered in accordance with applicable regulations or, where required, to obtain additional information on the payment transaction. The module number determined by a decree governing the manner of the payment of public revenues shall be written for the payment of obligations based on public revenues. Entered by the payer/payee. 20x SN

Credit reference number Data is entered in accordance with applicable regulations or, where required, to obtain additional information on the payment transaction. The module number determined by a decree governing the manner of the payment of public revenues shall be written for the payment of obligations based on public revenues. Entered by the payer/payee.

20x SN 10. Stamp and signature of Stamp and seal of the payer/payee Stamp and signature of legal persons and entrepreneurs

• residents. Signature for legal persons - non-residents, and stamp if they have it. Signature of the natural persons Populated for all purposes S

Order execution date Date of the payment order execution. Populated for all purposes Entered by the payment services provider referred to in Article 2 herein. DDMMYY N 12. Place and date of submission Place and date of submission of the payment order to the payment service provider referred to in Article 2 of this Decision. Populated for all purposes Entered by the payer/payee. DDMMYY SN 13. Payee’s signature Payee’s signature by personal signing or signing of the identification document number. (Identity card, passport). Filled in before the cash withdrawal. SN 14. Urgency indicator The urgency indicator in the payer’s order identifies the transfer as being processed through the payment system for the execution of instant credit transfers and is optionally populated by the payer when transferring funds. The urgency indicator in the payee’s order shall be entered when the payee requests the execution through RTGS system. The field with the urgency indicator shall be populated optionally when transferring the funds. Entered by the payer/payee. The character X is entered in the designated field. S