Governor: Open banking to be implemented in Serbia as well

The governor of the National Bank of Serbia (NBS), Jorgovanka Tabakovic, has stated today that, in Serbia, as in the EU states, open banking will be implemented, which means that financial institutions will share data about their users of payment services (natural and legal persons and entrepreneurs) with new participants in the market, but with the permission of the user.

That new feature is envisaged in the proposed amendments to the Law on Payment Services that Tabakovic explained at the session of the Committee for Finance, Budget and Control of Public Spending of the National Assembly of Serbia.

– The aim of the proposed law is to upgrade the existing payment solutions with new functionalities. We are thereby raising the bar in the fast-growing market of payment services – said Tabakovic.

As she explained, the banks will have the obligation to share a minimal set of information about the payment account with the new licensed providers of payment services, with consent from the users of payment services.

The user of payment services, as she added, will have an insight into their accounts in one place.

– Open banking will require new software solutions, and new payment solutions will be offered to traders – said Tabakovic.

She pointed out that the NBS constantly worked on improving the financial services for the citizens and the economy and that it met its goals.

Narodna banka Srbije Beograd

National Bank of Serbia

NBS

Committee for Finance Budget and Control of Public Spending of the National Assembly of Serbia

Jorgovanka Tabaković

open banking

proposed amendments to the Law on Payment Services