Just a few more weeks and then work will begin to operationalize a platform that will enable , within 18 months of launch , instant payments in the currencies of Albania, North Macedonia, Kosovo, Bosnia-Herzegovina and Montenegro.
A Letter of Intent was signed on January 10 at the Bank of Italy headquarters by Governor Fabio Panetta, Deputy Director Chiara Scotti and the Governors and Deputy Governors of the Central Banks of 4 of the 5 Western Balkan countries. North Macedonia ,present at the meeting, reserves the right to joini in the near future.
Under the agreement, the Bank of Italy will provide a system for instant payments based on a twin of the TIPS service, the European platform governing instant payments designed, built and operated by the Bank of Italy on behalf of the Eurosystem.
The platform , in addition to instant payments, will prospectively enable the establishment of a bilateral payment settlement link between the area served by TIPS and the Western Balkan area through a technologically advanced and low-cost solution.
According to the Bank of Italy, this agreement "represents an important step in the path of integration of Western Balkan countries with the financial system of the European Union."
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