The Bank of Albania and the Albanian Banking Association submitted today, 10 April 2025, to the European Payments Council (EPC), the package of applications for banks' membership in the SEPA credit transfer scheme. The 11 banks of the Albanian banking system individually prepared the relevant applications within a relatively short time, with the aim of the first cross-border SEPA transactions being carried out at the beginning of October 2025. This is the earliest time, set by the EPC, when service providers in Albania can start carrying out these cross-border transactions in Euro through SEPA.
The decision to include Albania in the SEPA geographical area was taken by the EPC on 21 November 2024, while financial institutions could start applying for accession to the SEPA payment schemes only from April 2025. During this period, the Bank of Albania, in cooperation with the Albanian Association of Banks, has intensively guided banks in the application process, acting as the National Support Center for the Accession Process. In this context, the Bank of Albania organized several workshops with World Bank experts to clarify the requirements and criteria for the application of each institution, as well as to guide them on completing the documentation. At the same time, it has maintained continuous contacts with the EPC and the banking community to fill any identified gaps and to encourage all banks to be part of the SEPA schemes.
Participation in SEPA schemes will bring significant benefits to Albanian consumers and businesses, through reduced transfer costs and expanded economic activity. The Bank of Albania will continue to support banks in finalizing technical adjustments, to be able to offer cheaper cross-border transactions to Albanians at the earliest opportunity.
(A2 Televizion)
A2 CNN Livestream
MUND TE LEXONI GJITHASHTU
