TIRANA, August 6 – Bank of Albania Governor Gent Sejko said the TIPS Clone instant payment system will reduce transfer costs and bring major benefits to citizens, businesses and the Albanian economy. The Bank of Albania plans to launch the system in November. It developed the project with the Bank of Italy, the European Central Bank and the Albanian banking sector.
Sejko said TIPS Clone will process payments in real time. The system will also reduce transfer costs and shorten processing times. Bank of Albania estimates show that wider use of electronic payments could save the financial system up to ALL 35 billion a year. The Albanian economy could save up to ALL 38 billion annually. If half of all payments move to the new system, individuals could save about ALL 500 million each year. Businesses could save about 1 billion lekë annually.
In addition, Sejko said the new platform will strengthen financial inclusion. It will help reduce informality and support Albania’s integration into the European payment infrastructure after the country joins SEPA. TIPS Clone adapts the European TARGET Instant Payment Settlement system. It allows banks to process instant payments 24 hours a day, seven days a week.
The Bank of Albania stressed that TIPS Clone is not a public application. Banks will use the technological infrastructure to offer faster and lower-cost payment services to their customers.
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