Governor Ismaili and Deputy Governor Fusha were welcomed to a bilateral meeting at the headquarters of the Central Bank of Italy (Banca d’Italia) by Governor Panetta and Deputy Governor Scotti, where they discussed institutional cooperation, current economic developments, the financial sector, and strategic plans.
The meeting focused on the newly agreed project for instant payments, which has been officially signed today during a ceremony involving the Bank of Italy, the Central Bank of the Republic of Kosovo, and the central banks of Albania, Montenegro, and Bosnia and Herzegovina.


The Bank of Italy, with the approval of the Governing Council of the European Central Bank, as the provider and operator of the Eurosystem TARGET Instant Payment Settlement (TIPS) system, will build a TIPS Clone to provide a single infrastructure to several Western Balkan countries. The Agreement signed today ensures that the Bank of Italy will develop this system for several countries in the region, including Kosovo. This project represents one of the most significant infrastructural initiatives undertaken by the Central Bank of Kosovo (CBK) to achieve its strategic goals and objectives. Such a project was previously endorsed by the CBK Board after several months of analysis and intensive work by our teams at the regional level, as well as high-level meetings held in Washington D.C. during the 2024 Annual Meetings.

This strategic partnership with the Bank of Italy marks a historic milestone and places Kosovo at a level where it will benefit from professional and technical expertise, adopting a system currently in use by the Eurosystem, as well as other significant benefits on its path to European integration, expected to materialize with Kosovo’s membership in SEPA. Additionally, any new developments in the EU system are expected to be continuously updated for Kosovo in the coming years, keeping Kosovo’s payment infrastructure aligned with EU advancements and innovations.


According to the agreed plans, the system is expected to be operational within 18 months from the start of the realization phase, while each country will also make the necessary preparations for its integration and implementation. Initially, it will support local payments between payment service providers, enabling transfers from one account to another within seconds, operating 24/7, with the aim of facilitating cross-border payments after SEPA membership and ultimately integrating with EU payment systems.

The Central Bank of the Republic of Kosovo expresses its gratitude to the Bank of Italy, Governor Panetta, Deputy Governor Scotti, and the counterparts from regional central banks who have supported and joined this initiative, enabling this strategic and critical infrastructure project. This comes at a time when, alongside technological developments and the risks they bring, geopolitical considerations and operational resiliency also hold importance. The development of the system by the team of professionals at the Bank of Italy is a crucial factor in this regard.


The CBK is committed to further advancing the financial sector with concrete projects that contribute to achieving objectives, with broad effects on businesses, citizens, and the economy in general, while international cooperation provides valuable support in achieving these goals.


Alongside this system, which will fundamentally impact the circulation of money and exchange of value in the economy, the CBK will also develop complementary infrastructure to support new instruments, reduce cash usage, and lower transaction costs, ultimately benefiting various aspects of the national economy and its development.

The joint press release, please read here 🔗 https://shorturl.at/mzdHc

Lajmi i kaluar The Central Bank of the Republic of Kosovo launched the Platform for Comparison of Financial Products and Services
The Central Bank of the Republic of Kosovo launched the Platform for Comparison of Financial Products and Services
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