led to the formation of a steering group composed of representatives from relevant eu institutions, who play a key role in the integration process and implementation of sepa, alongside governors from the central banks of the region and the world bank. at the end, let me use this opportunity to thank our international and european partners for their continuous support, as well as to all the domestic stakeholders, as i have no doubts that we all fully understand the benefits of this project for spurring growth and supporting the overall wellbeing in the economy. i encourage each of you to take full advantage of the sessions, networking opportunities, and discussions ahead. it is through collaboration and exchange of diverse perspectives that we truly grow and make lasting impact. thank you. 1 " steady as we go : results of the 2023 cpmi cross - border payments monitoring survey ", cpmi brief no5, bis, june 2024. 2 refers to the following priorities : extension of operating hours, allowed access to supervised non - bank providers, implementing at least one cross border link, and processing or planning to introduce iso 20022 messages. 3 common regional market action plan, 2025 - 2028. 3 / 4 bis - central bankers'speeches 4 " communication from the commission to the european parliament, the council, the european economic and social committee and the committee of the regions new growth plan for the western balkans ", european commission, november 2023. 5 " driving economic integration through payments modernization in the western balkans ", world bank driving - economic - integration - through - payments - modernizationin - the - western - balkans. pdf 4 / 4 bis - central bankers'speeches

total transaction, significantly exceeding the global sustainable development goal target of 3 percent. by meeting this target, the economies could save approximately half a billion euros according to world bank calculations. " 5 furthermore, sepa membership will accelerate the digital transformation of our financial sector. by reducing reliance on cash transactions and promoting digital payment methods, it will support the development of a more modern, secure, resilient and inclusive financial ecosystem. recognizing the benefits of joining sepa, countries in the region have invested tremendous amount of time and resources, while being extensively supported by all stakeholders within the western balkans payments modernization project, especially the world bank. these efforts brought us all either already into sepa, or very close to a positive decision on joining it. related to this, let me elaborate more on our position. we submitted our application for sepa membership on 10th of july last year. this historic step was the culmination of years of dedicated work, legislative overhaul, inter - institutional collaboration, and support from international and european organizations. completion of the formal assessment of our application and our readiness to join sepa by the european payments council is expected soon. this will confirm our compliance with 2 / 4 bis - central bankers'speeches the european legal and regulatory requirements in critical areas, including payment services, anti - money laundering measures, free movement of capital, and data protection. these foundational elements ensure that our country is well prepared to meet sepa's technical and legal requirements. having said that, an effective accession will be possible only if domestic payment service providers prepare their systems to meet sepa's technical and operational requirements. therefore, while the benefits of sepa accession are clear, we must also acknowledge the challenges that lie ahead. compliance with sepa's regulatory and operational requirements demands investment in infrastructure, staff training, and system upgrades. the banking sector is expected to work diligently to ensure full readiness for integration with sepa payment systems by october 2025, determined as sepa first possible entrance date for payment service providers from the western balkan countries being sepa members. of course, the successful implementation of sepa adherence will require close cooperation between regulators, financial institutions, and all other relevant stakeholders. the national bank is committed to facilitating this transition. we will continue to provide guidance, technical support, and regulatory oversight to ensure a smooth and efficient integration process. additionally, we will work closely with the international partners that are genuinely committed to address any challenges. the strong commitment and support has recently