April 4 (SeeNews) - The central bank of Albania said it has approved a new regulation for credit transfers and direct debit in euro, aligning with standards set forth by the Single Euro Payments Area (SEPA).
“SEPA membership is an objective of the Bank of Albania to promote the modernisation of the payment systems and their integration with the European markets, as well as with the countries of the Western Balkans,” the bank said in a press release on Wednesday.
The new regulation establishes a framework with requirements for transactions between Albanian payment service providers and other providers in the SEPA area, the central bank has said.
Albania will be able to submit its application to join SEPA by June, the country's central bank deputy governor Luljeta Minxhozi said last month. Joining the payment area is set to lower transaction costs for Albania and five more Western Balkan countries which also aim to apply soon.
Central bank governor Gent Sejko said earlier in March that SEPA regulatory transposition into the Albanian regulatory frame is at an advanced stage and the country was "almost ready" to join the area.