SEPA Credit Transfer Available in 5 Banks in Bosnia and Herzegovina Supported by Asseco SEE
As the market in Bosnia and Herzegovina opened up for payments compliant with the EU initiative for the Single European Payments Area (SEPA), Asseco SEE implemented SEPA Credit Transfer projects related to domestic payments in five banks on this market, two of which are new clients of Asseco SEE.
Following the production that started already in June 2019, the previous giro clearing system was replaced with a new one using the SEPA standard as the message exchange format within the clearing system. Each project and bank had its specific requirements while the general scope mainly included changes in the mechanism for exchange and processing of messages in clearing payments, which result in changing the message format from Swift to SEPA, as well as the integration of banks’ core banking system with a component for message exchange (Asseco Payment Gateway). Taking into account the deployment of Payment Gateway in the banks in B&H, Asseco Payment Gateway now operates in 28 banks in the region.
The implemented projects are expected to bring important advantages to the banks and their customers, such as considerable cost-effectiveness and secure transfers. On top of that, the new clearing system compliant with SEPA will have an important role in the future when the banks in Bosnia and Herzegovina start participating in the international payments under SEPA.