"Financial institutions should apply individually to SEPA" - Sejko: We encourage them to be included in the field of open banking
The last decade has marked a revolution in the field of payments for the Albanian market. Albania's acceptance into SEPA on November 21 of this year was an indicator of this transformation.
During the 10th meeting of the National Payment System Committee, Governor Sejko focused on the benefits that our country will have from SEPA membership, once financial institutions apply individually to become part of the Single Payments Market in Euro.
"In the first place, this membership will save economic actors about 20 million euros only during the first year, as a result of the reduction of commissions. Secondly, creating a supportive environment for important sectors of the economy such as trade will facilitate transactions with our main European partners and give Albanian businesses access to a market of 500 million people. Thirdly, it is expected to have a significant impact on the tourism sector, as well as on emigrant remittances and direct investments, which have a significant contribution to the Albanian economy. However, we will be able to tap into these benefits once each financial institution individually applies and is accepted into the SEPA schemes, which requires them to be technically capable of connecting to these schemes."
Sejko encouraged all financial institutions to apply for a license in the field of open banking.
"The Bank of Albania encourages financial institutions to apply for a license in the field of open banking, in order to create an added value for Albanian citizens in their daily financial life. It is worth noting that the operationalization of open-banking is the first and essential step for the operation of open finance (open-finance), which will enable the digitization of lending, investments and other financial services for customers."
In addition to the personal benefits of the consumer, in a broader plan, this innovation brings many benefits on the way to the formalization of the economy and financial inclusion.
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