TIRANA, Oct 16 /ATA/ – Albania has signed on to a regional instant payment initiative for the Western Balkans, joining four other central banks in a move aimed at boosting financial integration and cross-border transactions.
The agreement was signed during the IMF-World Bank Annual Meetings in Washington, with Albania’s First Deputy Governor of the Central Bank, Luljeta Minxhozi, participating in the renewed cooperation pact that now includes North Macedonia.
The initiative, supported by the Bank of Italy, will provide a real-time payments infrastructure based on the TIPS (TARGET Instant Payment Settlement) system developed for the Eurozone. The platform allows for immediate settlement of electronic payments and is managed by the Bank of Italy on behalf of the Eurosystem.
With this expansion, the central banks of Albania, Bosnia and Herzegovina, Kosovo, Montenegro, and North Macedonia are now part of the regional framework.
The Governor and Deputy Governor of the Bank of Italy, Fabio Panetta and Chiara Scotti, attended the ceremony alongside leaders of the participating central banks.
Minxhozi said the agreement represents an important step toward greater digital and financial inclusion for citizens and businesses, while also aligning the region more closely with EU market standards.
The initiative, approved by the European Central Bank’s Governing Council, aims to modernize payment infrastructure across the region, improve cross-border efficiency, and enhance transaction security.
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