One of the key priorities for the Central Bank of Kosovo remains preparation for membership in the Single Euro Payments Area – SEPA, which is expected to bring more than 55 million euros in annual benefits for Kosovo’s citizens and businesses.

This was stated by CBK Governor Ahmet Ismaili during the first meeting with the National Payments Council.

Ismaili said they are also committed to building a modern instant payment system, the fast payments system – TIPS Clone – which represents an important component of the payments ecosystem.

"One of our key priorities remains preparation for membership in the Single Euro Payments Area – SEPA. On December 20 of last year, we submitted the preliminary application for SEPA membership and we are actively engaged in regional and European working groups to enable access for banks and non-bank financial institutions to SEPA schemes and reduce cross-border transfer costs. According to current estimates, SEPA membership is expected to bring over 55 million euros in annual benefits for Kosovo’s citizens and businesses, through lower transfer costs, increased efficiency, and improved conditions for exporters and the private sector. In line with this vision, we are also committed to building a modern instant payment system, the TIPS Clone fast payments system, which forms an important component of the payments ecosystem. In this regard, we have signed a Letter of Intent with the Bank of Italy," said Ismaili."One of our key priorities remains preparation for membership in the Single Euro Payments Area – SEPA. On December 20 of last year, we submitted the preliminary application for SEPA membership and we are actively engaged in regional and European working groups to enable access for banks and non-bank financial institutions to SEPA schemes and reduce cross-border transfer costs. According to current estimates, SEPA membership is expected to bring over 55 million euros in annual benefits for Kosovo’s citizens and businesses, through lower transfer costs, increased efficiency, and improved conditions for exporters and the private sector. In line with this vision, we are also committed to building a modern instant payment system, the TIPS Clone fast payments system, which forms an important component of the payments ecosystem. In this regard, we have signed a Letter of Intent with the Bank of Italy," said Ismaili.

Meanwhile, acting Minister of Finance Hekuran Murati stated that their aim is to find a payment solution that supports the economy.

“Our goal is to find a payment solution that supports the economy. Since ancient times, people have traded goods for goods until physical money emerged to ease the exchange of services. Now, we are entering the next phase – digitalization of payments – to facilitate the exchange of goods and services. The speed of money, when digitalized, can boost the economy. The advantages of digitalization are almost clear. With physical money, we have costs and also the problem of counterfeit currency, which is a serious issue. There's also the challenge of formalizing and combating money laundering, and digitalization makes it easier to prevent such illegal activities. We must ensure that the solution is both effective and low-cost for users. Our aim is to keep transaction costs as low as possible. We’ve demonstrated this with the government’s own digitalization initiatives, including our most recent project,” Murati stated.