Albania Aims for Instant Payments Integration by November

Albania is expected to complete its integration into European payment systems in November, according to Bank of Albania Governor Gent Sejko.

The introduction of instant payments will allow citizens and businesses to save time and money.

Sejko stated that the use of TIPS Clone, a version of the Italian instant payment system, will provide significant benefits for Albanian consumers, individuals, and businesses. Transfers will be carried out faster and at a lower cost, he added.

The governor emphasized that preparations for the project began some time ago and are now in the intensive and final stage of implementation.

Sejko also highlighted that the benefits to the economy could be significant if electronic payments are widely used. Under this scenario, the financial system could save up to 35 billion lekë, while the Albanian economy as a whole could save up to 38 billion lekë a year.