La Bank of Italy will drive the creation of an instant payment system for Western Balkans, a project involving Albania, Bosnia and Herzegovina, Kosovo and Montenegro, with the possibility that North Macedonia may join in the future. Signing of the Letter of Intent It took place today at Palazzo Koch, during a ceremony attended by the Governor and the Deputy Director General of the Bank of Italy, together with the Governors and Deputy Governors of the central banks of the countries involved.
The timing and role of Bankitalia
The instant payment system will be operational within 18 months from the start of works, which are expected soon. Once active, the system will allow you to make payments in real time in all currencies of the participating countries. In a later stage, they will be Developed additional features to make the service even more comprehensive and innovative. This project represents a significant advance for the region, thanks to a modern and accessible technology that will enhance the local financial infrastructure.
The Bank of Italy will have a central role in the management and development of the platform, which will be based on a replica of the Tips system, already used in Europe to ensure safe and fast instant payments. Tips was designed to support real-time transactions, offering a technologically advanced and reliable solution.
The initiative, approved by the Governing Council of the European Central Bank, has already collected the adhesion of Albania, Bosnia and Herzegovina, Kosovo and Montenegro. North Macedonia, although it has not yet formalized its participation, could join the project in the near future.
A step towards European integration
The system, once completed, will not only enable payments between the Western Balkan countries, but will also open up the possibility of a bilateral connection with the TIips platform, which operates in the European Union.
Today’s agreement represents an important step in the process of integration of the Western Balkan countries into the European Union, marking a concrete commitment to modernization and integration into European financial systems. The signing of the Letter of Intent is a fundamental step towards closer economic cooperation in the future, which could offer long-term benefits for both the Western Balkans and the EU as a whole.
Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=678142beb1874bfabac5036d7f8489dd&url=https%3A%2F%2Fwww.firstonline.info%2Fen%2FBalkans-Bank-of-Italy-to-Implement-Instant-Payment-System-for-5-Countries-in-the-Region%2F&c=12587871770454795041&mkt=en-us
Author :
Publish date : 2025-01-10 06:11:00
Copyright for syndicated content belongs to the linked Source.
