TIRANA, June 12 /ATA/- The new law on payment services, according to the latest European Union directive, PSD 2, is expected to boost competition in the payments market, through development of financial payment institutions or otherwise known as fintech.
The law provides, inter alia, how banking services will function, where customers of these institutions will be able to make electronic payments using their bank accounts.
With the new law in place, current bank accounts will simultaneously serve as payment accounts in these institutions.
Another convenience is that on the platform of payment institution, clients will find a centralized information on all the accounts they may have in different banks.
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