MPAY and Bankart present the Instant Payment services model for Albania
Instant payments are an important development in modernizing Albania’s payment system and supporting the transition toward a more digital economy. Their implementation is expected to increase financial inclusion, reduce reliance on cash, lower transaction costs for businesses and consumers, enable faster and more secure fund transfers, and expand the range of available financial services.
As part of these ongoing developments in Albania, on November 2, the Albanian Association of Banks (AAB) in cooperation with MPAY and Bankart, organized a workshop on “Overlay Services & Scheme for the Albanian Market.” During the workshop, MPAY and Bankart presented their proposed model for the development of instant payment services and the associated scheme for the Albanian market.
Representatives from across the banking sector, involved in the development and modernization of payment infrastructure, attended the workshop. Discussions focused on practical implementation models, scheme governance, and the functionalities and value-added services that could be delivered through this system.
The workshop provided an opportunity to exchange views on potential cooperation models and concrete steps toward implementing the scheme, highlighting the importance of a coordinated approach among banks and other market stakeholders.
