BUSINESS

Central Bank of BiH starts with Single Euro Payment Area Rules in Line with EU Standards

As of June 3, 2019, the Central Bank of Bosnia and Herzegovina (CBBH) started the production work of a new Giro Clearing payment system.

The new Giro Clearing system is in line with the SEPA (Single Euro Payment Area) rules, used in the EU, and with the ISO 20022 standard. This represents a significant step in the modernization of the payment systems of the CBBH, and the previous Giro Clearing system that was continuously operating for eighteen years and five months has been hereby replaced.

The messages and formats used in this payment system are fully aligned with the messages and formats used in the SEPA area, thus making a step forward and a precondition for integrating the CBBH payment systems into the payment systems in the EU.

Through this upgraded payment system, credit transfers i.e. interbank transactions with the value up to KM 10,000.00 are processed.

The project of the Giro Clearing upgrade implied several phases, where the commercial banks showed a high level of responsibility and competence, and the result was that all the participants were ready right at the beginning of the production process and the system was fully functional.

In the future, the CBBH will continue to follow the developments and modernize payment systems in Bosnia and Herzegovina in order to adapt them to European standards and integrate them into European trends.

Leave a Comment