The Government of the Republika Srpska adopted the Draft Law on Payment Services of the Republika Srpska, which represents a reform law in the field of payment transactions.

The law creates legal prerequisites for the gradual introduction of the concept of so-called open banking, in which, in addition to banks and the Postal Service of the Republika Srpska, payment services can also be provided by non-banking financial organizations - payment institutions.

The adoption of the law improves the area of payment transactions in the country and abroad, in accordance with the strict requirements and high standards of the European Union, primarily the Payment Services Directive (PSD2).

The objectives of the proposed law are:

- opening the payment services market to new payment service providers – payment institutions, which will compete with banks as traditional financial organizations.

- stronger market competition, which should positively affect the efficiency of payment transaction execution and greater accessibility of payments

- application of technological innovations in the execution of individual iterations of a payment transaction (e.g. initiation of a payment order through a new participant, the so-called order initiation service provider)

- greater protection of payment service users (through clearly defined rights and obligations of payment service providers in executing payment transactions)

- safe and transparent operations of payment service providers, through clear prescription of capital requirements, ownership and management requirements, as well as through supervision of operations to be carried out by the Banking Agency of Republika Srpska

- easier and faster payment transactions using non-cash payment instruments

- reduction of cash in circulation

- improvement of the volume of e-commerce.

In addition, the adoption of this law also represents one of the most important requirements for joining the European payment system for cross-border payments in euros – SEPA (Single Euro Payments Area).

The law was drafted in accordance with the strategic and operational documents:

- Economic Reform Program of the Republic of Srpska for 2025-2027

- Medium-Term Plan of the Ministry of Finance of the Republic of Srpska for 2025-2027

- Work Plan of the Ministry of Finance of the Republic of Srpska for 2025 and 2026

- Requirements from the Growth Plan for the Western Balkans (priority no. 3 – Access to the Single Euro Payments Area – SEPA payment system).