Ismaili has said the official application was made after an intensive job led by the BEC, with the support of other Kosovo institutions.
He has stressed that for this process, legal and regulatory packages have been completed, through the adoption of laws in the Assembly and regulations and guidelines from the CEC.
After the application, the process of assessment by relevant European Union institutions is expected to begin, while the decision on Kosovo’s membership in SEPA is expected to be taken next year. After the completion of this process, technical interconnection for functioning international payments with the 41 countries participating in the area will begin.
Governor Ismaili has estimated that SEPA membership will bring direct benefits to citizens, businesses and diaspora, enabling faster, safer and lower costs.
According to BEC estimates, annual savings from tariffs and transaction commissions are expected to be above 55m euros.
) SEPA enables transfers to be implemented according to EU standards, between Kosovo and EU countries respectively, as if we were already members of the European Union, Ismaili said.
In addition to applying for SEPA, another significant development in Kosovo’s financial system is the launch of the new fast payment system, known as TIPS-klon.
According to the CEC governor, this system will be launched on November 20th, while on November 23rd it will start to be available to bank customers who will succeed in first keying it.
The system, developed by the CEC through Italy’s Central Bank, with permission from the European Central Bank, will enable real-time interbank transfers, without days and schedules.
If you can do interbank transfers, bank with bank, real time, 24/7, every day of the week, Ismaili has made it known.
He has clarified that other banks will gradually be key to the system from November 23rd to February 23rd, when all banks are expected to be part of it. Later, the key will continue for non-bank institutions as well.
According to Ismaili, functioning of the new system is expected to affect economic circulation, increased liquidity and lower transaction costs.
Source Layer: RTKLive
