Serbia has been an official EU candidate country since 2012. Situated in the heart of Southeast Europe, the country is actively investing in economic and technological development with a clear focus on EU integration—drawing increasing attention from international stakeholders. While not yet an EU member, Serbia has already begun aligning its regulatory frameworks with those of the EU—particularly in the financial sector.
Legal Framework: Aligned with PSD2
On 6 May 2025, Serbia embarked on a far-reaching transformation of its banking sector. With the introduction of Open Banking and the mandatory opening of banking systems to third-party providers, the country is clearly following European standards—specifically, the PSD2 directive. These new regulations represent a key milestone in the digitalisation and modernisation of Serbia’s payments landscape.
The legal basis for Open Banking in Serbia comes from the amended Payment Services Act (PSA), which was passed in August 2024. The new provisions officially came into effect on 6 May 2025, with banks granted an extended transition period lasting until 1 January 2026 at the latest.
The aim of this legislative reform is to open the market to innovative third-party providers, enhance consumer protection, and harmonise with the EU’s legal framework.
Core Components of the Regulation:
- Introduction of Payment Initiation Services (PIS) and Account Information Services (AIS)
- Mandatory provision of secure APIs (Application Programming Interfaces) for licensed third-party providers
- Implementation of strict requirements regarding data protection, strong customer authentication, and security protocols
- Establishment of a regulatory sandbox to test new business models under controlled conditions
Current Status: High Market Readiness, but Limited Implementation
The Serbian banking sector is characterised by intense competition and a strong presence of international banking groups.
As digitalisation progresses, several banks are already offering APIs to third-party providers — mainly as part of voluntary collaborations or strategic partnerships. The digital transformation of the financial sector is also actively supported by the government, including targeted programmes to promote FinTech companies. Against this backdrop, the first Open Banking initiatives have already emerged, primarily driven by innovative FinTechs — particularly in the area of multibanking apps that allow users to gain a centralised overview of multiple bank accounts.
Although the legal framework has already been defined, Serbia is still in the preparatory phase. Many banks are currently working intensively on the technical and operational implementation of the new requirements. While overall market readiness is high, the actual availability of Open Banking services is expected to increase noticeably only from the official launch in 2025 or early 2026.
Requirements for Banks: API Provision and Compliance
What do all these developments mean for banks? Going forward, all financial institutions in Serbia—including both local and international banks, as well as e-money institutions—will be required to provide open and secure interfaces (APIs). These will allow third-party providers to access account information and initiate payments, provided that the end customer has given explicit consent.
In addition to providing these interfaces, banks must meet extensive compliance requirements. These include protecting customer data through Strong Customer Authentication (SCA) and the dynamic linking of transaction data. Furthermore, institutions are obligated to ensure non-discriminatory and unbiased access for third-party providers, and to comply with reporting obligations to the National Bank of Serbia.
Failure to comply with these requirements may result in significant penalties.
The National Bank of Serbia (NBS) is responsible for supervising the implementation and adherence to the new regulations. As of now, larger institutions are already well advanced in implementing the required interfaces, while smaller banks are mostly relying on technical service providers to ensure compliance.
Challenges and Outlook: A Market in Development
Despite the clear roadmap, the rollout of Open Banking in Serbia is not without its challenges:
- Many banks are still in the implementation phase.
- End customers and businesses must first be made aware of and educated about the new offerings.
- The market initially requires innovative third-party providers to fully unlock the potential of Open Banking.
- A central API standards platform—such as those established in the EU by the Berlin Group or in the UK through Open Banking—has yet to be developed.
- TPPs must currently negotiate bilateral agreements directly with banks.
- Trust in third-party providers remains relatively low, which hampers broader market adoption.
Relevance for Businesses
For companies engaging with Open Banking in Serbia—such as FinTechs, banks, and RegTech providers—the following points are particularly important:
- There are market entry opportunities, as the market is still in an early stage of development.
- International standards (e.g. PSD2-compliant APIs) are likely to be adopted—meaning EU expertise is transferable.
- There is strong potential for partnerships with established banks seeking innovative solutions.
- Data protection and consumer rights are also evolving — legislation is aligning with the GDPR, though not yet fully identical.
Conclusion: Serbia at a Turning Point in the Financial Sector
With the launch of Open Banking, Serbia is entering a new phase of digital transformation in its financial industry. The legal foundations have been established, the technical infrastructure is developing, and the dialogue between banks, regulators, and technology partners is gaining momentum.
In the long term, Open Banking in Serbia is expected to lead to greater competition, improved digital financial services, and stronger integration with the European market—provided that the remaining implementation challenges are addressed with determination.
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