The governor of the National Bank of Serbia (NBS), Jorgovanka Tabaković, announced that the NBS has successfully met all statutory goals, maintaining inflation within targeted levels, preserving financial stability, and steering economic growth towards robust pre-pandemic rates. Speaking at the Parliamentary Committee for Finance, Budget, and Control of Public Funds Spending, she outlined the key objectives and innovations of the proposed amendments to the Law on Payment Services, introduced by the NBS.
Tabaković emphasized that the primary aim of the amendments is to enhance existing innovative payment solutions with new functionalities that introduce open banking principles, a concept initially pioneered in European Union countries such as Germany, the Netherlands, and Sweden. Unlike in the EU, where market-driven initiatives typically lead payment service developments, Tabaković noted that in Serbia, the NBS takes the lead in innovation within the financial system, with the financial sector subsequently joining these initiatives.
She elaborated that open banking entails banks sharing a minimum set of payment account information with licensed service providers upon explicit user consent. This framework introduces two new types of payment services in the Serbian market: payment initiation from accounts held with other service providers, and unified access to information across multiple bank accounts, enhancing convenience and efficiency for users.
Tabaković underscored the importance of these advancements in fostering a more dynamic financial ecosystem in Serbia, aligning it closer with international standards while ensuring robust regulatory oversight and consumer protection.
