Starting July 1, 2016, the existing payments system in the CBK is replaced by an automatic transfer system designed according to the latest standards in the field of payment systems.
Implementation of this system is one of the key steps that CBK has undertaken to strengthen the stability and increase the efficiency of the financial and banking sector in particular.
The new interbank payments system, called, ATS (Automatic Transfer System) consists of two main components: The RTGS (Real Time Gross Settlement) component, which enables the transfer of funds in real time, as well as ACH (Automatic Clearing House) component that makes processing of group of payments and payments of small value, in three sessions of interbank clearing at CBK.
The new payment system is designed according to new international standards in the field of payment systems (ISO 20022), according to the most modern technology and best practices that makes Kosovo one of the first countries to implement this standards.
Implementation of the new ATS system has several advantages, such as the immediate real-time settlement of payments of large value and priority payments, facilitation in processing, increased efficiency for the daily management of liquidity by the banks, reduction of risk in the banking system and creation of a sustainable infrastructure to encourage further development of the banking industry and financial markets development.
In fulfilling this project, the CBK has had technical and financial assistance of the World Bank, which has initiated and assisted in the development and implementation of the project under the Strategic Plan of the CBK and the Development Strategy of the National Payment System in Kosovo.
Implementation of the project is certainly as the result of work of the working groups and the staff of the CBK, commercial banks, the Treasury / Ministry of Finance and other institutions participating in the payment system.
Besides the implementation of the new payment system since 30 June 2016 it has started the application of IBAN for domestic payments that will affect the unification and standardization of the process by checking the validity of bank accounts.