Payment systems include a number of direct and indirect participants, resulting in a need for effective interaction of different providers of payment services. On the other hand, the achievement of efficiency of payment and securities settlement systems also involves various public authorities, including the NBRM, the Ministry of Finance, the Securities and Exchange Commission and other relevant institutions. The cooperation between different actors and stakeholders in the area of payment systems policy and securities settlement can be achieved in various ways, from exchange of views and information to ad hoc or regular meetings and joint actions.

A number of countries have established bodies for cooperation or advice on payment systems that treat payment systems issues. In many cases, these bodies have become a tool in support of the regional and international cooperation in the area of payment systems. In this regard, in October 2004, the Republic of Macedonia established the National Payment Systems Council of the Republic of Macedonia (hereinafter: NPC) with an Incorporation Agreement concluded between the Governor of the NBRM, the Minister of Finance and the President of the Association of Banking and Insurance at the Economic Chamber of Macedonia.

In accordance with the provisions of the Agreement, the main purpose of the NPC is to support the achievement of stable and efficient payment system in the Republic of Macedonia. Also, NPC serves as a forum for cooperation in regional and international-wide context in the area of payment systems. The NPC does not get into the legal authority and functions of the NBRM and Ministry of Finance. NPC's members are appointed by the founders of the NPC. The NPC is chaired by the President of NPC. In case of absence and inability of the President of NPC, the NPS is governed by the Deputy President of NPC. The President of NPC is appointed and dismissed by the Governor of the NBRM. The Vice President of NPC is appointed and dismissed by the Minister of Finance. For more effective achievement of the objectives and tasks, the work of the NPC is organized into working groups, whose members are experts in specific areas of payment systems that cover the working group.

The questions considered by the NPC address all aspects of the payment systems in the country, which result in the following tasks:

  • encourages cooperation between participants and relevant institutions (regulators) in the area of payment systems;
  • raises initiative to the relevant institutions for adopting regulations concerning payment systems, and if needed, Initiates amendments to existing laws and regulations;
  • defines and proposes common procedures in the payment operations for the purposes of uniform application of regulations from different areas;
  • monitors the development and promotes common initiatives aimed at implementation of new services in the payment system;
  • participates in the preparation of the strategic document for the development of the payment system in the Republic of Macedonia;
  • encourages and monitors the implementation of reforms in the payment systems in the Republic of Macedonia;
  • identifies problems arising from the conduct of payment operations and proposes solutions for their overcoming;
  • if needed, considers individual projects to be launched and implemented and may give an opinion thereon;
  • promotes the standardization of procedures and systems in accordance with the aspirations of the Republic of Macedonia in the future Euro-Atlantic integration;
  • indicates the presence of monopoles in the payment system and promotes market principles;
  • promotes the knowledge of the issues related to payment systems in the country, and
  • promotes regional and international cooperation of all institutions active in the functioning of the payment and securities settlement systems.

The wide range of tasks shows that NPC is a kind of an instrument of the NBRM's oversight function. Also, NPC is a forum that ensures strategic approach to the payment systems development issues.

Strategy for development of the payment system of the Republic of Macedonia

NSP establishment agreement

NSP rules and procedures

NSP members

Contact details of members of the NSP working groups

Conclusions and recommendations of the NSP