About the NPSC
Objective of the NPSC
The National Payment System Committee performs the following functions:
- Advises the decision-making bodies of the Bank of Albania on issues related to the payments system and use of payment instruments;
- Advises the decision-making bodies of the Financial Supervision Authority on issues related to the licensing and oversight of the securities settlement system and securities clearing house;
- Advises participating institutions on issues related to payment systems and instruments;
- Advises participating institutions on promoting and standardizing payment procedures and systems.
To achieve its objectives, the NPSC adopts these activities:
- Drafts joint positions, statements and instructions with the market stakeholders on strategic issues related to payments and settlement systems;
- Calls for and facilitates cooperation between the stakeholders in the field of payment systems and financial markets infrastructure;
- Identifies infrastructure and juridical needs in the field of payment systems, providing recommendations/suggestions, and, as the case may be, establishes working groups to support the Committee’s decision-making process for these purposes;
- Analyses and discusses innovations and best international practices/standards on payment systems, assessing, case by case, the possibility for their implementation in the Albanian market, and the relevant market implications arising from their implementation;
- Informs and discusses with participating institutions and financial market stakeholders on the latest developments in relation to the approximation with the EU legislation;
- Drafts policies/strategies to endorse the security, stability and efficiency of the national payment system in Albania, setting out the objectives, monitoring and assessing their impact on the market and their implementation;
- Cooperates directly or indirectly with national or international authorities to exchange information or coordinate activities related to the payment system, in accordance with memoranda of cooperation with these authorities.
The NPSC prepares and publishes, on the official website of the Bank of Albania, a summary of its activities based on the meetings held during the period.