National Bank launches EU-supported project on modernization and enhancement of statistics and payment systems

The National Bank, supported by the European Union, has launched a project for capacity strengthening in the field of external statistics, payment statistics and payment systems, aimed at modernizing the institution and bringing it closer to European standards, ensuring more secure services and increased public trust.

The project is comprised of two key components - statistics and payment systems - areas that represent the foundation of monetary policy and modern financial infrastructure.

The first component relates to setting up data storage for external statistics, ensuring a contemporary, automized and flexible model of collecting, processing and analyzing data on the payment balance, foreign direct investments and the international investment position. Despite the high level of alignment with European requirements, digitization of processes will provide for more precise, more detailed and internationally comparable data. Modernization of technical solutions used in the process of producing quality and timely statistics will ensure better access to information for citizens, businesses and institutions, increase efficiency and transparency in operations, and support the country in its preparations to join the European Union.

The second component is adoption of the new global standard ISO 20022 in the Multiple Internet Payment System (MIPS). Adoption of this standard will enhance the interoperability between domestic and international payment systems, especially those managed by the European Central Bank (ECB) within the Single Euro Payments Area (SEPA), for the purpose of accelerating, simplifying and making cross border payments more affordable. The benefits of these changes will undoubtedly be felt in all segments of the economy - banks, companies, population and state. This transformation creates the prerequisites for more efficient financial markets, increased competitiveness and more efficient management of bank and business liquidity, as well as better user experience for citizens.

National Bank Governor Trajko Slaveski said the statistical component unifies two key aspects of the central bank's statistics.

"First, modernization of technical solutions used in the process of preparing quality and timely statistics as a public good. Over the past two decades, and especially after the big financial crisis, central banks have experienced the wave of digitization but also faced a rising need for more comprehensive and more detailed data sets. This is why we see central banks showing more interest for the processes of data management, through various approaches in building this data architecture - from virtualization up to data storage," said Slaveski.

He added that the ultimate goal is to have structured, "filtered" and standardized data that would be used in making informed decisions, but also having data that is helpful for researchers, analysts, journalists, citizens and institutions that expect transparent and accurate information.

The Governor said Eurostat assessments show that external statistics are highly aligned in regard to the methodology and timelines but there is a gap when it comes to providing more detailed and cross-reference data.

"This new data storage will bridge this gap by providing more detailed data per partner-state, economic and geographic zone," said Slaveski.

EU Ambassador Michalis Rokas said this is not only a technical project but an investment in the resilience, transparency and trust in the banking system.

"North Macedonia's SEPA accession will contribute to the upgrading of the statistical and payment infrastructure, further aligning the country with European standards and bring additional benefits for citizens, companies and the economy as a whole," noted Rokas.