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The Bank of Albania announced on Monday the launch of the AIPS Euro payment system, which will process the payments of bank customers in euros, within the country.
This system will lead to a drastic reduction of commissions for national interbank transfers in euros.
Until last week, transfers in euros could only be made through the use of accounts that Albanian banks have in correspondent banks abroad. This route created delays in time and, above all, much higher costs compared to lek transfers. With the new AIPS Euro system, the Bank of Albania has also set ceiling values that commercial banks charge for the commissions they can charge their clients.
For outgoing payments ordered by the clients of the participants and transferred through the AIPS EURO system, with a value less than or equal to 10 thousand euros, the total commissions applied by the original participant for each payment order should not be higher than 0.2% of the transferred value and the floor commission can not be higher than 6 euros. For outgoing payments ordered by clients of participants and transferred through the AIPS EURO system, but which are initiated electronically, the total commissions applied by the originating participant for each payment order should not be higher than 50% of the total of commissions applied for any payment initiated in non-electronic form. This means the implementation of the total floor commissions higher than 3 euros, the total commissions not higher than 0.1% of the transferred value for a value less than or equal to 10 thousand euros.
In total, for outgoing payments ordered by participants’ clients and transferred
through the AIPS EURO system, the total of the maximum commissions applied by
The originating participant for each payment order must not be higher than 50 Euros, regardless of the amount. Also, for transfers made through this system in no case should commissions be applied for incoming funds.
According to the Bank of Albania, the fulfillment of this project promotes the achievement of the objective of creating a modern and comprehensive market of low value payments, supported by secure and efficient infrastructure, as well as a wide range of payment instruments and services that meet the needs of their financially capable users across the country.
The promotion of this objective is estimated to be achieved through a series of benefits that the project brings to the Albanian payment market. In contrast to the inefficient way of functioning of the market so far through correspondent banks abroad, the operation of the AIPS Euro System enables Albanian citizens to make payments in euros within the country at a much lower cost and within a much shorter timeframe than the process. current conducted through correspondent banks. Also, this project is estimated to have very positive effects from the point of view of the administration of physical money in euros by banks and the promotion of electronic payments in this market segment, encouraging Albanian citizens to use these instruments not only as a result of the efficiency and speed they offer, but also the significantly lower costs that will be applied by banks for electronic transfers.
The decision-making of the regulation of the commissions applied by the banks aims at balancing a series of strategic objectives of the Bank of Albania, which include encouraging the formalization of payments in Euro, promoting a more effective way of making these payments, but at the same time giving priority to payments. in Lekë, which are cheaper based on the ceiling values set by the Bank of Albania in order to support policies for de-euroization of payments. According to the Bank of Albania, the reduction of commissions and the creation of economies of scale is a current necessity for the Albanian market in the framework of integration in the markets of the European Union.
Indirectly, this project is associated with a number of factors that affect the individual well-being of the client, the bank and the economy as a whole. Due to the fact that payments are processed within the country, in case of an inaccuracy in the payment processing, the solution of the problem will be much easier compared to the processing through correspondent banks, and will be regulated in its entirety by the legal and regulatory framework. prudential consumer protection, created by the law “On payment services”. Also, according to the Bank of Albania, this project has a wide impact at the economic level, including the holding in the domestic economy of significant commissions, which were obtained from correspondent banks abroad, as well as maintaining financial and monetary stability, having all necessary monitoring mechanisms regarding this market segment./ Monitor
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