Financial infrastructure is theunderlying foundation of a country’s financial system. Itcomprises all institutions, the rules, and standards of allthe systems which enable financial intermediation. Thequality of a country’s financial infrastructure determinesthe efficiency of intermediation, the ability of lenders toevaluate risk and of borrowers to obtain credit, insurance,and other financial products at competitive terms. Forinstance, the efficient and smooth functioning of thepayment, and securities settlement systems facilitates thedischarge of financial obligations and the safe transfer offunds across distances and institutions; hence, it supportthe stability of the financial system. This technical notecontains the assessment of the national payment andsettlement systems (NPS) infrastructure in Montenegro. Theassessment was undertaken in the context of the IMF andWorld Bank (WB) joint Financial Sector Assessment Program(FSAP) mission to Montenegro during September 1-15, 2015.The assessor was Gynedi Srinivas of the World Bank’s PaymentSystems Development Group. The assessor will like to thankthe counterparts in Montenegro for their excellentcooperation and hospitality during the mission.