PRESS RELEASE
Speech of the Governor of the Bank of Albania, Mr. Ardian Fullani, at the meeting on the operation commencemment of the Automated Electronic Clearing House System, ''Implementation of the Clearing System in the Bank of Albania''

Good day to everyone,

I would like to thank you for your presence in this plain ceremony on the occasion of the operation commencement of the Automated Electronic Clearing House System - AECH. As I have already stated last November, when we gathered for the project implementation commencement, I have the pleasure to express that the Bank of Albania kept its promise of accomplishing this important project on time.

The establishment and putting this system into function is the second significant step taken by the Bank of Albania, co-financed by the World Bank, in cooperation with the commercial banks, towards the growth of efficiency in the banking system and the payment system.

After a year of operation of RTGS system, the infrastructure expansion of payments with the automated clearing system, AECH, creates the necessary conditions for the confrontation of our economy's growing needs. AECH system relies on the best international standards and practices. Accomplished by means of contemporary technology investments, the system shall enable the significant reduction of small value payments processing time, as such increasing the popularity of banking payments, and offering a better service to bank clients.

The extension of equipment, computer programs, regulative basis and operation procedures, which are an integral part in the system, on its whole have comprised the Bank of Albania and the commercial banks operating in Albania. For this reason, the role and contribution of banks during the implementation process, has been assessed to be very significant. Transparence and inclusion during all the project has led to reflection in a serious commitment and joint decision-taking by the part of all Banks.

Obviously, in order to be entirely successful, this project should be followed by an awareness campaign of the public and utilities which would lead to a wider use of the payments instruments. In this context, it is foreseen the organization of a meeting with the directors of commercial banks and of the Albanian Banking Association, representatives of utilities and other interested parties, as well as with the media's assistance, aiming at the promotion of this system's wide use.

It is a great pleasure for me, as the head of the Bank of Albania, to observe that this project was finalized on time accomplishing all the objectives set, thanks to our fruitful cooperation, and media's assistance with all the difficulties and complexity that such a project has presented.

I believe that this mechanism is a very crucial part of the system that we are establishing towards the reduction of cash in the economy and also the reduction of informal economy.

On this occasion, I would like to express my congratulations and thank you for your support and contribution to the progress of this project.

I wish you success in your work!