Fast payments, the agreement with Italy is signed - BSH: Up to 40 billion ALL savings from the new system. Functional within 18 months.
The agreement was signed between the Bank of Albania, the Bank of Italy and the 3 central banks of the Western Balkan countries for the creation of a fast payment system. The Bank of Italy will offer the countries of the Western Balkans a fast payment system based on a copy of the TIPS service, which is the European platform for the settlement of payments in real time.
Work on this platform will begin in the coming weeks, while it is expected to be operational within 18 months.
Fast payments are made through a payment system that offers continuous service 24 hours a day/365 days a year and enables them to be made in a few seconds. With regular bank transfers, it usually takes at least one business day for the money to reach the recipient's bank account, while with express payments, the transfer of money between bank accounts is almost instantaneous.
The use of fast payments can save citizens, businesses, market actors and the Albanian economy, about 35-40 billion ALL.
During the past year, Albania launched a pilot project for fast electronic payments in three cities, Tirana, Dibër and Përmet, where 300 individuals made payments through applications provided by banks and electronic money institutions in small and medium-sized businesses for a period of 4 months near the areas where they live.
Through the instant payment system, citizens can make payments in markets and other businesses through a QR code. An individual can scan the code via their phone and make the payment immediately, without having to take out their card and without using a POS terminal.
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