This integration means euro transfers to other SEPA countries are now treated as domestic payments, not international ones.
The system replaces older, slower methods with a standardized SEPA payment order, cutting transfer times to just one day. A key benefit is the significant reduction in costs, as intermediary banks are eliminated and fees are shared between the sender and recipient. This alignment with European standards signals institutional stability and simplifies financial processes for businesses.
For domestic companies, it reduces administrative barriers and strengthens competitiveness in the European market. Foreign companies gain from increased payment predictability, which can encourage further investment. This step harmonizes North Macedonia’s legal framework with EU regulations, fostering a more transparent and secure financial environment. Ultimately, SEPA accession boosts confidence in the national financial system and deepens the country’s economic integration with Europe.
The detailed provided by Associate Sara Ivanovska from JPM Skopje office is available here.
