At a conference of Mediterranean central banks, Bank of Albania First Deputy Governor Holta Zaçaj highlighted Albania’s payment system modernization as a means of lowering remittance costs, increasing the use of formal digital channels and advancing integration with the European payment system. She identified Albania’s accession to the Single Euro Payments Area as a major step toward faster, cheaper cross-border transfers for households that depend on remittances. Zaçaj also discussed the implementation of TIPS Clone, a national instant payment platform designed to operate in real time, 24 hours a day, seven days a week, in line with European standards. A joint World Bank and Bank of Albania study estimated that electronic payments supported by instant payment infrastructure could generate annual savings of up to ALL 38.7 billion, or about 1.5% of gross domestic product. Replacing half of cash-based bill payments with electronic payments could save consumers more than ALL 500 million and businesses about ALL 1 billion annually.
Bank of Albania highlights SEPA and TIPS Clone as drivers of lower remittance costs and formal payments
Bank of Albania First Deputy Governor Holta Zaçaj highlighted SEPA membership and TIPS Clone as central to lowering remittance costs and expanding formal digital payments. Electronic payments supported by instant payment infrastructure could generate annual savings of up to ALL 38.7 billion, equivalent to about 1.5% of gross domestic product.