Payment Services and Payment Systems Law – Public Policy Session with NBRNM

As the financial market is about to change due to the new Payment Services and Payment Systems Law* and new opportunities are to be opened for the business sector, member companies are invited to a session with NBRNM which is to be held at the AmCham offices on May 23, 2023.

This Law has the potential to profoundly impact the payment market competitive landscape by opening up the market to third parties and creating unprecedented possibilities and opportunities, including for the corporate sector.

Mr. Igor Velichkovski, Director of the Payment System Department and Biljana Donovska Gecheva, Independent Advisor in the Payment System Department will present and provide first-hand information regarding the Law.

In addition to financial sector companies, ICT companies, retailers, and telecom providers are invited to participate. 

*The Payment Services and Payment Systems Law that came into effect on January 1, 2023, has the potential to profoundly impact competition in the payment landscape in the country by creating a level playing field for all market participants.

The Law aims to make payments safer, accessible, and inclusive while increasing consumers’ protection and fostering innovation in the sector. In pursuing this goal, among other things, this Law requires banks to open their payments infrastructure and customer data assets to third parties that can then develop payments and information services for the customer, creating unprecedented possibilities and opportunities.

Therefore, the corporate sector may benefit from this Law not only as a consumer but also as a potential provider of future payment services, particularly ICT companies, as well as retailers and telecommunications providers.

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