Payment system

A payment system is a set of institutions, markets and supporting infrastructure for financial markets with regard to payments, clearing and settlement of financial instruments. As a component of this system, the clearing and settlement infrastructure plays an essential role related to financial stability and overall economic development. Moreover, the effective implementation of the monetary policy is based on the existence of a safe and efficient payment system.

A payment system is a set of instruments, procedures and rules for the transfer of funds among participants in the system based on agreement between the participants in the system and the system operator. The funds are transferred through a special technical infrastructure.

The Bank of Albania plays a principal role in promoting a normal, safe and efficient functioning of the payments system. To this end, the Bank of Albania acts as the operator, overseers, catalyst and reformer of the system.