Instant payments and innovation in the payment systems as a key focus of the banking sector
The modernization of electronic payments and the alignment of Albania with European standards is entering a new phase of development, with a strong focus on instant payments, enabling transfers in less than 10 seconds, securely and at lower cost for citizens and businesses.
In this context, the Albanian Association of Banks (AAB), in cooperation with IFC, organized the workshop “Instant Payments – Overlay Services,” with the participation of representatives from the banking sector engaged in the project and the operational aspects of instant payments. The workshop was led by Kjeld Herreman, Founding Partner of Paylume, Belgium.
The discussions focused on additional services supporting the functioning of instant payments, such as payment recipient verification, QR code payments, payment requests, and payments through alternative identifiers such as mobile phone numbers or email addresses.
During the workshop, participants addressed the benefits and challenges related to the implementation of these services, as well as the importance of cooperation between the public and private sectors in further developing Albania’s payment infrastructure.
Participants also discussed technical aspects, the regulatory framework, system interoperability, governance models, and possible implementation timelines, based on European best practices in this field.
