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Payment System | Payment System Oversight

Payment System Oversight

The National Bank of Serbia promotes the stability, safety and efficiency of payment systems by performing the function of their operator and serving as a catalyst of their development, and particularly by performing the oversight function. These functions are interrelated, complementary and have the same objective – ensuring safe and efficient functioning of payment systems in the Republic of Serbia.

Legal framework

The National Bank of Serbia performs the function of payment system oversight in accordance with the Law on the National Bank of Serbia (Articles 4 and 59), Law on Payment Services and relevant secondary legislation.

A transparent and reliable legal framework, including the availability of necessary information, are the preconditions for the establishment and comprehensive operation of the payment system for the purpose of risk identification, assessment and monitoring, as well as decision-making on measures for managing all types of possible risks.

Scope of oversight

The scope of oversight consists primarily of payment systems and activities within the oversight function, concerning the operation of payment systems as a whole rather than individual participants. The scope of oversight also includes payment instruments used to initiate payment transactions carried out in payment systems, provided the use of these instruments is regulated by separate rules agreed upon among their issuers.

Objectives and principles of oversight:

The primary objectives of payment system oversight are the stability and safety of their operation and adequate risk management. The key principles that the National Bank of Serbia applies to payment system oversight are the following:


By reporting on annual activities it performs within its function, the National Bank of Serbia ensures its transparency and contributes to the understanding of requirements and standards that payment systems have to be harmonised with.

International standards

The National Bank of Serbia performs its oversight function taking into account international principles for payment systems and standards for payment instruments in the oversight field.

Consistency of applying requirements and standards to comparable payment systems

The National Bank of Serbia’s task is to create a regulatory framework to encourage market competition and enable the development of innovations on the one hand, and to establish single rules to be applied to all market participants, while maintaining payment safety and ensuring efficient risk management in payment systems on the other hand. This ensures consistent application of the same business requirements and standards to all payment systems (including those operated by the National Bank of Serbia).

Reporting requirements for payment transaction operators 

  • Instruction on Electronic Collection of Data and Reports from Payment System Operators 




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International Standards