Payment Systems

Safe, stable and efficient payment systems are critical to the effective functioning of the financial system. Payment systems are the means by which funds are transferred usually among banks, and are a major channel by which shocks can be transmitted across domestic and international financial systems and markets. Robust payment systems are, therefore, a key requirement in maintaining and promoting financial stability.
Considering that the payment system strongly influences the velocity of flows in the economy, overall costs and liquidity of participants, and that it serves as a monetary policy transmission channel, it comes naturally that the Central Bank should be the one highly interested in ensuring its efficient functioning.

Therefore, promoting safe and efficient payment systems constitutes one of the key legally-mandated functions of Central Bank of the Republic of Kosovo. According to the Central Bank Law, the primary objective of the CBK is to “foster and to maintain a stable financial system, including a safe, sound and efficient payment system”. Regarding payment systems, the law gives special powers CBK: “promote and oversee safe, sound and efficient payment, clearing and securities settlement systems”; and “to organize, own, participate in and operate payment, clearing and securities settlement systems”.
In order to promote safe and efficient payment systems, CBK has three roles with regards to payment systems:

Operational Role – Provides clearing and settlement infrastructure for interbank payments; it administers and operates a payment system (IPS– Interbank Payment System) for clearing and settlement of small and large value payments.
Oversight Role – Establishes rules and procedures, sets standards to promote and sustain a secure and efficient payment system for processing payments, as well as assesses the systems against established standards; and
Catalyst Role – Encourages and promotes safety and efficiency in the use of payment instruments and payment systems.
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In case of objections or complaints from the public regarding interbank payments (direct debit, kos-giro, etc.) such requests should be made directly to the commercial bank (with supporting evidence) with the possibility of also notifying us at: