Author(s):
1. Emilija Vuksanović, Ekonomski fakultet Univerziteta u Kragujevac, Serbia

Abstract:
This paper deals with the implementation of the SEPA Direct Debit (SDD) Scheme in the payment system in Serbia, which was the first Southeastern European country to obtain the SEPA license. The paper analyses the key challenges of the implementation of the SEPA operating activities and its potential effects on the payment system in Serbia. The implementation of the SEPA concept should remove the remaining elements of inconsistency between the concept and operative functioning of the payment system in Serbia. Irrespective of the legal possibilities, this segment of the payment system still operatively functions as the system of enforced collection of claims which is incompatible with the SDD concept. The Association of Banks of Serbia (ASB), as the Processor, implements the SDD Payment Scheme, and the system in now in the testing phase. The subject matter of the analysis is important because it offers a number of possibilities for further improvement in the payment system of Serbia. It is also expected that the improved payment system will have positive effects on the economy, either directly or indirectly through the influence of banking institutions and authorities.

Key words:
Payment System, SEPA, Direct Debit, Paymatic

Thematic field:
Entrepreneurship, Growth and Competitiveness

Date of abstract submission:
07.04.2015.

Conference:
REDETE 2014 - Researching Economic Development and Entrepreneurship in Transition Economies