EU envoy Soreca praises Bosnia's progress towards SEPA integration

Following the enactment of requisite legislation by the House of Representatives of the Federation of Bosnia and Herzegovina Parliament and the National Assembly of Republika Srpska, the Central Bank of Bosnia and Herzegovina is positioned to apply to the European Payments Council for accession to the Single Euro Payments Area. Writing on the X platform, Soreca described the development as a tangible advancement within the nation's broader European integration agenda.

Integration into SEPA is designed to substantially lower the expenses associated with cross-border euro transfers between domestic entities, European Union member states, and other participating jurisdictions. During recent parliamentary sittings, the FBiH House of Representatives endorsed the harmonised texts covering payment services, electronic money, and payment accounts, building upon equivalent legislation passed by the Republika Srpska assembly earlier in July.

Participation in the framework allows euro-denominated payments across member countries to be executed with greater speed, reduced complexity, and significantly diminished charges compared with traditional international clearing systems. The transition carries particular significance for households dependent on remittances from abroad, commercial enterprises engaged with EU partners, and the wider diaspora community.