TIRANA, September 16 /ATA/ – Deputy Minister of Finance Endrit Yzeiri presented three draft laws to the Committee on European Affairs and Foreign Policy today—part of Chapter 4, “Free Movement of Capital”—aimed at aligning the Albanian framework with European Union legislation. These three draft laws concern payment services, banking and payment systems.
Yzeiri stated, “The draft law on payment services modernizes the framework for payments and electronic money. It establishes rules for the licensing and supervision of electronic money institutions, raises digital security requirements, enhances transparency for users and promotes instant payments. The goal is also to increase competition and reduce the costs of payment services.”
Turning to the draft law on banks, the deputy minister explained, “This legal act amends the 2006 law to avoid overlaps with the legislation on payment services.”
Specifically, he continued, the draft law aims to clarify the rules governing banks and institutions dealing with electronic money. It stipulates that detailed regulations regarding the issuance and supervision of electronic money will henceforth be addressed in the specific law on payment services. This measure is being taken to align Albanian legislation with European Union standards.
Regarding the draft law on the payment system, Yzeiri stated that it aims to expand the categories of institutions eligible to participate directly in payment systems. In addition to banks, payment institutions and electronic money institutions will also be able to participate in these systems.
“The change fosters greater competition and supports the development of instant payments and new electronic services,” he noted, emphasizing that, “The three draft laws are part of the commitments under Chapter 4 and aim to create a payment system that is more secure, more competitive and better aligned with EU standards.”
Responding to questions from opposition MPs, Deputy Minister Yzeiri explained that these technical draft laws were prepared by the Bank of Albania for European Union integration. He noted that aligning these laws also requires creating matching secondary regulations.
Regarding the reduction of costs for electronic and digital payments, Yzeiri emphasized that Albania has already benefited from its inclusion in SEPA, which has resulted in faster and lower-cost euro payments. According to Yzeiri, the Bank of Albania is also collaborating with the Bank of Italy to develop a payment system modeled on European standards, which will serve as an interim solution until Albania fully integrates into the European payments market. The Bank of Albania has also publicly announced this technical cooperation with the Bank of Italy regarding the modernization of the payment system.
The three draft laws were approved by the committee by a majority vote. /p.s./
