Kosovo's central bank enhances efficiency of payment system with regulatory amendments

By bne IntelliNews September 5, 2023

Kosovo's central bank announced its approval of amendments to the regulation on the Kosovo Interbank Payment System (KIPS) in a move aimed at bolstering the efficiency of payment services on September 4.

These amendments signify a strategic effort to not only enhance payment services but also to pave the way for the expansion of the system to include other payment institutions and electronic money institutions when the appropriate conditions are met.

The revisions are part of the central bank's comprehensive plan, aligning with one of its core objectives: to promote and maintain a secure, stable, and efficient payment system.

Key enhancements brought about by these regulatory amendments include streamlined payment transactions according to which payments will be credited to accounts solely through IBAN verification. This change is anticipated to reduce payment returns and enhance overall processing efficiency.

Changes also include enhanced liquidity management which will introduce intra-day loan adjustments and provide participants in the system with vital tools for improved liquidity management.

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