Bilateral Measure between BoA and National Bank of Italy

Following planned activities, on December 10th, 2024, as part of EU-funded Regional Programme for Strengthening the Capacity of the Central Banks in the Western Balkans, Phase II, in Tirana, Albania, the Department of Monetary Operations of BoA has welcomed the first expert mission from Banca d’Italia on the matter of financial markets and foreign reserves management. This Bilateral Measure is focused on gaining knowledge on industry standard Straight Through Processing (STP) system which would support, besides the foreign exchange reserve management function, also: pension fund management, monetary policy implementation and the execution of transfer and payments services.

In more details, during this phase of the BM the objectives were:

• to present and review the requirements of BoA as related to system support for the monetary policy implementation function carried out by the Monetary Operations Department. After an initial general overview of BoA’s organizational structure as this relates to the initiation of the TREPA Project (initiated by BoA for the purpose of implementeing a STP system that would support several functions carried out by the Monetary Operations Department and Payments System & Accounting and Finance Department), the discussions were focused on Front-Office and Back-Office system requirements to support the tasks & responsibilities of this units.
• to present and review the requirements of BoA as related to system support for the payments and transfers function carried out by the Payments Systems & Accounting and Finance Department (Back-Office).
• to discuss and review other requirements related to information technology, project implementation, data migration, etc..

This BM will be completed with a study visit to Italy on April 2025 and another expert mission scheduled to take place in May 2025.