Gent Sejko: Modernisation of retail payment systems in Albania Welcome address by Mr Gent Sejko, Governor of the Bank of Albania, at the Conference on the "Modernisation of retail payment systems in Albania", Tirana, 21 June 2018. * * * Dear Deputy Prime Minister Dear media representatives, Dear participants and colleagues, Welcome to this conference, whose topic, I would say, is a challenge and promotes the modernisation of the retail payments in Albania. The Bank of Albania has constantly noted in its communications that the safe and efficient development of payment systems is a key objective not only to support monetary policy implementation and safeguard financial stability, but also to serve as an important tool for formalised and sustainable economic development. In addition to the focus on payment systems – as a fundamental pillar for the functioning of financial markets and the economy in general – the Bank of Albania is paying increasingly more attention to their development from the perspective of financial inclusion. The main goal in this regard is the broad use of payment instruments in the everyday life of citizens. This new way of development aims to identify and satisfy the needs of the smallest component of the economy – households and enterprises.
The transposition of European Union Directive (PSD), which is considered as one of the most avant-garde pieces of legislation in this field, is a concrete initiative in this regard. The Bank of Albania, in collaboration with the experts of the World Bank and Bank of Italy, has prepared a draft-law, which will be subject to public discussions very soon. To support these initiatives, the Bank of Albania is analysing the possibility of innovative 1/2  BIS central bankers' speeches  developments in the systems we operate, such as: instant payment, which, based also on international experience, would reform the payment markets from the digitalisation point of view. ****** Dear participants, Given its very nature, this new dimension of payment systems development requires certainly broader cooperation by all the stakeholders. In this regard, the inter-institutional cooperation has resulted as very effective through the organisation and functioning of the National Payment Systems Committee. The Committee is a collegial advisory body, chaired by the Bank of Albania, and is making important steps forward toward reformation and modernisation of retail payment systems. Its vision for the future is “creating a contemporary and all-inclusive retail payments market,  supported by safe and efficient infrastructure, and a broad range of instruments and services that satisfy the needs of the users”. The realisation of this vision requires legal, regulatory and infrastructural developments.