PRESS RELEASE
National Committee on Payment Systems holds inaugural meeting

On 2 October 2015, the National Committee on Payment Systems held its first meeting, at the premises of the Bank of Albania. Ms Elisabeta Gjoni, the First Deputy Governor of the Bank of Albania, in the capacity of the Committee Chairperson, presided this meeting. The ten-member Committee is composed of senior representatives of: Bank of Albania, Ministry of Finance, Minister for Innovation and Public Administration, Ministry of Economic Development, Tourism, Trade and Entrepreneurship, Albanian Financial Supervision Authority, Ministry of Internal Affairs, and the Albanian Association of Banks. Mr Massimo Cirasino, Manager of the Financial Infrastructure & Remittances Service Line, at the World Bank, a renowned expert for payment system development and inter-institutional cooperation also attended the meeting.

The purpose of the National Committee on Payment Systems is to support and contribute to enhancing the security, stability and efficiency of the national payment system in Albania. The Committee serves as a forum to facilitate discussion over issues related to payment systems and instruments, with a view to drafting necessary recommendations to corroborate decision-making for the involved institutions. Beyond the consultative role, the Committee aims at facilitating the implementation of measures of the relevant authorities by fostering cooperation.

At the opening address, Deputy Governor Gjoni highlighted the role of the National Committee on Payment Systems as a catalyser and coordinator for the further development of the financial infrastructure. The modern technology in place dictates the need for innovative ideas and instruments in the field of payments. Therefore, regulatory authorities, in close cooperation with market agents, should be one step ahead in relation to guaranteeing their security and efficiency.

In this regard, the Bank of Albania, in its role as a promoter for an effective payment system, has created the necessary infrastructure allowing a large number of transactions performed by a series of financial market actors. The Bank of Albania considers reformation and further development of the payment systems as very important, contributing to cutting social costs for the citizens, and serving as a main objective that contributes to improving the monetary policy pass-through and safeguarding the country's financial stability.

In her address, Ms Milena Harito, Minister for Innovation and Public Administration,  welcomed this initiative as a necessary institutional platform for coordinating efforts and enhance cooperation in this field of high interest, affirming the government's support to a necessary instrument for further modernising public services.

The Chair of the Albanian Bank Association discussed about the possibility of expanding the payment infrastructure, to enhance the security and lower payment services costs.

The Deputy Minister of Interior, Ms Elona Gjebrea, iterated the commitment to coordinate actions towards fostering the security and effectiveness of the payment system, in order to promote the usage and acceptance of payment instruments, reduce the use of cash in the economy, and safeguard the financial market stability.

In conclusion, participants discussed on the payment systems development strategy, to modernise, improve and complete payment systems and instruments to enhance the security and effectiveness in the light of reducing the use of cash in the economy and integration in the Single Euro Payments Area (SEPA).