May 22 Serbia joined the geographical scope of the Single Euro Payments Area (SEPA) following a positive decision by the European Payments Council (EPC). This marks a tangible example of the impact of the Growth Plan for the Western Balkans, an EU initiative to accelerate the socio-economic integration of the Western Balkans and its citizens into the EU—including through progressive access to select areas of the EU single market, anchored in alignment with the EU acquis communautaire.
As a direct result of the EPC’s decision, payment service providers in Serbia can now adhere to the various SEPA schemes managed by the Council. This milestone paves the way for streamlined euro financial transfers, reducing both the cost and processing time of transactions between Serbian citizens, businesses, and other SEPA members. The move will thus foster sustained economic growth, delivering direct benefits to the Serbian population.
The European Commission will continue to support Serbia’s payment service providers in their preparations and drive the country’s further alignment with EU acquis in financial services—a foundational pillar of Serbia’s accession path, alongside other critical policy domains.
Background
The European Payments Council (EPC) is an independent, international not-for-profit association comprising 83 members, including payment service providers (PSPs) and PSP associations. Established in 2002 by the European banking industry to develop pan-European electronic euro payment instruments, the EPC now coordinates nearly 4,000 banks and other PSPs across its SEPA schemes.
In close collaboration with stakeholders, the EPC has developed frameworks such as the SEPA Credit Transfer, SEPA Instant Credit Transfer, and SEPA Direct Debit scheme. These schemes— which facilitated over 50 billion transactions across 36 countries in 2024—are regularly updated to enable seamless cross-border euro payments, underscoring their role in integrating European financial markets.
