The National Bank of Serbia (NBS) is actively working on creating the infrastructure prerequisites for the implementation of electronic bills of exchange (e-bills), as indicated in the annual report of the NBS. The digitization of bills of exchange is expected to become a reality during this year.
The introduction of e-bills does not signify the end of the use of traditional paper bills of exchange. Paper bills of exchange will continue to be in use, granting users the right to choose between using paper or e-bills. E-bills represent a modern and efficient solution that will enable the issuance and transfer of bills of exchange through digital means.
The use of e-bills will not subject users to additional costs. Banks will be obliged to accept e-bills as a legitimate security instrument, particularly in the context of credit arrangements.
The process of using e-bills is designed to be simple and transparent, carried out through a specialized user application available on electronic or mobile banking platforms. After settling the debt secured by the bill of exchange, the debtor will have the option to request the deletion of the bill through the application. The same option will be available to creditors.
The introduction of the digitalized form of bills of exchange will significantly contribute to the efficiency of using this type of financial instrument, as creditors will be able to electronically submit the bill of exchange to the bank for collection, without the need for physical presence in the bank. Banks will be obligated to respond to such requests from creditors in a relatively short timeframe, ensuring a high level of efficiency and transparency.
The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.