Bank of Albania Governor Gent Sejko reviewed Albania’s payment reforms and alignment with European Union (EU) standards in a meeting with European Central Bank Executive Board member Piero Cipollone during an international payments conference. Participation in the Single Euro Payments Area (SEPA) has already reduced transfer costs and processing times, encouraging digital payments and formal financial channels. The ongoing TIPS Clone project aims to establish a national instant payment platform operating in real time, 24 hours a day, seven days a week, in line with European standards. It would also support the further development of payments across borders. The discussions placed these payment reforms within Albania’s broader financial integration with the EU. Sejko reiterated the need to align legislation and regulation within the central bank’s remit with EU law and strengthen capacity to implement it. Central bank independence was another focus, with Cipollone emphasizing its role in fulfilling the institution’s mandate and maintaining public trust. The European Commission has assessed the new Bank of Albania law as progress toward European standards on central bank independence and the prohibition of monetary financing of the public sector.
Bank of Albania reviews SEPA benefits and instant payment plans with ECB
Bank of Albania Governor Gent Sejko discussed payment reforms and EU alignment with European Central Bank Executive Board member Piero Cipollone during a payments conference. Single Euro Payments Area participation has lowered transfer costs and times, while the ongoing TIPS Clone project aims to provide instant payments around the clock. The talks also addressed central bank independence and the European Commission’s assessment of Albania’s new central bank law, including its provisions on independence and the prohibition of monetary financing.