economy
Vasić: SEPA system usage brings lower costs and faster international transactions
Financial consultant Vladimir Vasić stated today that full utilization of the SEPA system brings lower costs and faster international transactions for citizens, and that Serbian businessmen will feel the biggest benefit because 60 percent of their trade is with the European Union.
TL;DR
- Serbia has become the 41st member of the SEPA system, allowing for lower costs and faster international transactions.
- Serbian businesses, with 60% of their trade involving the EU, will experience significant benefits from SEPA.
- Full SEPA adoption could save the Balkan region up to 600 million euros over three years.
- The SEPA system facilitates the flow of goods, people, and capital more simply, transparently, and quickly.
- Key SEPA functionalities to be implemented in Serbia include credit transfer, instant payments, and direct debit.
- Credit transfers will allow money from the EU to reach recipients in Serbia within 24 hours with reduced fees.
- Banks may see reduced commission revenue but could compensate through increased transaction volumes.
- The SEPA system offers citizens the possibility to be part of the EU, at least in payment methods.