Serbia's PaySpot joins central bank's instant payment system

As an indirect participant, PaySpot will access IPS through Novi Sad-based lender OTP Banka Srbija which is a direct IPS participant, NBS said in a statement on Thursday.

NBS' IPS operates 24/7/365, enabling citizens and businesses to make quick payments at any time.

IPS participants include all 20 commercial banks active in Serbia, plus NBS and the treasury administration of the finance ministry. In addition, Belgrade-based firm Tenfore is registered as the sole indirect participant with direct access to the IPS, while PaySpot and state postal operator Posta Srbije are registered as entities with indirect IPS access, central bank data showed.

PaySpot, established in December 2015, became the first electronic money institution licenced by NBS in 2023.

Currently, PaySpot has a network of over 1,300 representatives and cooperates with a large number of commercial banks and all insurance companies in Serbia.