Euro payments with AIPS are slowing down - BoA: August reduced the momentum of July with only 472 million euros and 14% fewer transactions
Despite the fact that payments in euros made domestically through the AIPS EURO system are breaking records year after year, August appears to have curbed the momentum of growth so far.
The latest data from the Bank of Albania shows that in 8 months, domestic euro payments with AIPS reached a value of 3.9 billion euros, while the number of transactions was almost 250 thousand. In other words, about 21% transactions and 19% billion lek more than in the same period in 2024.
From the beginning of the year to now, it turns out that July has set a record for the amount of payments made within the country via AIPS EURO, while the largest number of transactions was also in that month. According to official statistics, August has served as a turning point, as payments with AIPS EURO have taken a downward turn. Specifically, in August, about 14% fewer transactions were made than in July, only 31 thousand, while their amount has also decreased by 15%, dropping to 472 million euros.
The Bank of Albania's AIPS Euro system, which has been operating since January 2022, has saved the domestic market about 140 million euros.
In contrast to the inefficient way the market previously operated through correspondent banks abroad, the operation of the AIPS Euro System enables Albanian citizens to make payments in euros within the country at a much lower cost and within a much shorter timeframe than the previous process carried out through correspondent banks.
The Bank of Albania recently reduced the commissions for transactions carried out with AIPS EURO. For transfers in the AIPS EURO system, the minimum commission that will be applied by commercial banks is 4 euros. This minimum level of commissions was previously 6 euros. For any transfer with a value less than or equal to 150 thousand euros, banks should not apply commissions higher than 0.02% of the transferred value.
From AIPS, to SEPA and soon the instant payment system, the Albanian payment system is modernizing at a very fast pace.
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