Legal framework on the Payment System

The Bank of Albania responsibility of the development and oversight of payment and settlement systems is set out  by the Llaw no. 8269, dated 23.12.1997 "On the Bank of Albania", as amended (referred as the Law on Bank). Article 3, Law on the Bank, composes the responsibility source of the Bank of Albania with regard to the well -functioning of the payment systems in the Republic of Albania, and simultaneously sets one of its main functions. In this article it is stipulated that: “Bank of Albania, in line with its main target and based on the internal banking market, promotes and supports […] the payment system”, and that: “The main tasks of the Bank of Albania are as follows: […] dh) to promote the normal functioning of payment system”.

Article 21, of the Law on the Bank, details further the above legal responsibility into the implementation ground, concerning the organisation and functioning of payment and settlement systems as well as on the payment instruments. In this Article is set out that:

“1. The Bank of Albania, in cooperation with banks, shall establish regulations and procedures for payment settlements rendered by payment instruments used as means of payment, including electronic and telegraphic funds transfer services.

2. The Bank of Albania organises and executes payments rendered by payment instruments used as means of payment.

3. The Bank of Albania may coordinate payment clearing services including securities.

4. The Bank of Albania supervise the payments system in the Republic of Albania, direct or through any person or inter banking agency created for this purpose. The Bank of Albania promote inter bank payments and efficient settlements between banks and other payment related services”.

Hence, for carrying out its role in the payment system, the Bank of Albania has established a full set of regulations, encompassing rules and procedures, regulations and agreements, which you may read by clicking on the following links.

  1. Regulations of Payment System
  2. Interbank agreements

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