Bosnia and Herzegovina Launches Instant Payment System on July 20

The Central Bank of Bosnia and Herzegovina is set to launch its new instant payment system on July 20, which will enable money transfers between accounts in seconds, regardless of the day or time. The system, developed with internal capacities and supported by the Bank of Italy and the European Central Bank, will operate 24/7, 365 days a year.

The current system carries out four settlements, which can delay transactions sent after working hours until the next day. The new system aims to enable citizens to send and receive money faster, manage their family budgets more efficiently, and provide greater business predictability and better liquidity management for businesses.

Only banks that complete functional, operational, and technical testing and meet the Central Bank's conditions will have access to the platform from day one. The system has been developed for upgrades, including payment via QR codes, support for point-of-sale payments, and online payments, as well as other digital financial services.

The Central Bank of Bosnia and Herzegovina expects banks to actively participate in client education and highlighted that during project preparation, they were ready to cooperate with the Central Bank and participate in all activities. The system's architecture features built-in European protection standards for the payment system and user data, ensuring a high level of security.