The preparation for the introduction of the euro in Bulgaria plays the role of a catalyst for the processes of renewal and development of the payment and settlement systems in Bulgaria. This is stated by the deputy governor of the BNB, head of the “Banking” department – Petar Chobanov, in a publication in the quarterly newsletter of the Association of Banks in our country from October.
Chobanov notes that in recent years there has been a “fairly positive development” in the field of payments and securities settlement. He adds that this development is methodical and purposeful, caused by technological innovations in payments and the changing needs of consumers, as well as from the evolution of regulatory requirements and standards, Nova reported.
Chobanov also points to the project for the migration of budget payments to the standards of the Single Euro Payments Area (SEPA), finalized at the beginning of October, and adds that this project is essential for the preparation for the introduction of the euro in the country. It was implemented jointly by “BORIKA” AD, BNB and the Ministry of Finance, and work on it began in the spring of 2022, Chobanov recalls. The main goal is the implementation of the SEPA standards regarding the implementation and processing of budget payments in BGN in the country, which led to a comprehensive optimization and acceleration of the process of banking services for the budget. Thus, we can consider that the migration of all categories of customer credit transfers in BGN to SEPA standards has already been successfully completed, bearing in mind the project implemented at the beginning of last year for the migration of non-budget customer credit transfers in BGN to the standards of the Single Payment Area in Euro , Petar Chobanov points out. He adds that, as a result, customer credit transfers in BGN can now be executed significantly faster, and the limit on the amount of transfers processed through the BISERA6 payment system, in accordance with SEPA requirements, is also removed.
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2023-10-18 19:00:20
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