SEPA/ From April, Albania officially becomes part of the European Payment System
Brussels, November 21, 2024 – As of today, Albania is part of the geographic framework of the Single Euro Payments Area (SEPA) payment schemes. Under the leadership of the Bank of Albania (BoA), Albania has undertaken major efforts to adapt national payment systems and regulations to European Union (EU) standards, becoming part of the first group of Western Balkan countries to join with the geographical framework of SEPA, achieving an important step on its path to EU membership.
As a consequence, all existing participants in the European Payments Council (EPC) payment scheme must be able to send or receive SEPA Credit Transfers (SCT), SEPA Instant Credit Transfers (SCT Inst) and SEPA Direct Debit (SDD ) with and from the participants of the SCT, SCT Inst and SDD schemes from Albania, as and when the financial institutions of Albania become part of these schemes.
The participation of Albanian financial institutions in SEPA payment schemes, according to the EPC calendar, will be enabled starting from April 2025, while the Operational Readiness Date (ORD) for payment service providers (PSPs) from Albania will communicated later by the EPC.
"Albania's participation in the geographical framework of SEPA marks a historic step for Albania, reflecting years of dedicated efforts and the unwavering commitment of the country's institutions, the financial sector and partners to adapt to European standards and principles. Participation in SEPA will influence the financial and economic development of Albania, contributing to its further integration with the EU market," stated Gent Sejko, Governor of the Bank of Albania.
Giorgio Andreoli, Director General of the EPC, said: "The inclusion of Albania as part of the SEPA geographic framework is a further progress for the EPC, in line with the EPC's mission of harmonization and integration of payments electronic at the European level."
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