SARAJEVO, July 29 (FENA) – Bosnia and Herzegovina is one step closer to introducing cheaper cross-border money transfers for citizens and businesses, said the Head of the European Union Delegation and EU Special Representative to Bosnia and Herzegovina Luigi Soreca.

Following the adoption of the necessary legislation by the House of Representatives of the Federation of Bosnia and Herzegovina Parliament and the National Assembly of Republika Srpska (RSNA), the Central Bank of Bosnia and Herzegovina can submit an application to the European Commission for accession to the Single Euro Payments Area (SEPA).

“This is a concrete step forward in Bosnia and Herzegovina’s European integration process,” Soreca wrote on the X platform.

Joining SEPA would reduce the cost of cross-border euro transfers between Bosnia and Herzegovina, European Union member states and other SEPA participants.

At yesterday’s session, the House of Representatives of the Federation of Bosnia and Herzegovina Parliament adopted the harmonized texts of the Bill on Payment Services, the Bill on Electronic Money and the Bill on Payment Accounts.

The National Assembly of the entity of Republika Srpska adopted the Bill on Payment Services on July 9 this year.

SEPA enables euro payments between participating countries to be processed more quickly, more easily and at significantly lower fees than through existing international payment systems. This is particularly important for citizens receiving money from abroad, businesses operating with partners in the European Union, and the diaspora.