Fast Payments TIPS Clone, CBK and Bank of Italy sign letter of intent
Business
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The Central Bank of Kosovo and the Bank of Italy have today signed the letter of intent for the start of the project for fast payments - TIPS Clone.
The Bank of Italy will build the TIPS Clone system to provide this infrastructure to some of the Western Balkan countries, including Kosovo. This project represents the most important infrastructural and strategic project carried out by CBK in achieving its objective and Strategic Plan.
CBK says that this strategic partnership with the Bank of Italy marks a historic moment and puts Kosovo at a level where it will benefit from professional and technical expertise, taking on a system that the Eurosystem currently uses.
Among other things, every new development in the EU system is expected to be continuously updated for Kosovo over the years, thus keeping Kosovo's payment infrastructure in step with developments and innovations in the EU.
The system is expected to be ready within 18 months from the start of implementation. Initially for local payments between payment service providers, which are enabled 24/7, with the aim that after entering SEPA and eventually connecting with the payment systems of the European Union.
The letter of intent was also signed by the central bank of Albania, that of Montenegro and Bosnia and Herzegovina.