TIRANA, August 6/ATA/ Set to launch in November, the TIPS Clone system will bring real-time, low-cost instant payments to Albania.

Governor Gent Sejko noted that the Bank of Albania—partnering with the Bank of Italy and the European Central Bank—is in the final implementation phase to modernize transfers and support the economy.

According to him, TIPS Clone is a fast payment system that cuts transfer time and costs. Using it widely could save the financial system 35 billion lekë and the economy 38 billion lekë yearly. Even at half use, lower fees will save families 500 million lekë and businesses 1 billion lekë each year.

Sejko added that, additionally, the new system will boost financial inclusion, cut down on informality, and speed up Albania's integration with the European payment network following its move into SEPA.

The TIPS Clone—a local version of the European TIPS (TARGET Instant Payment Settlement) platform—allows banks to process instant payments around the clock, every day of the year.

Albania's new TIPS Clone system connects local banks to Europe's fast-payment network. This backend upgrade lowers costs, speeds up transactions and reduces cash use.

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