For the January-August period, the AIPS system, which processes euro transactions of bank customers within Albania, has reached a new record.
By the end of August, a total of 154,160 transactions were carried out through this payment system, surpassing the number of transactions of this type carried out throughout the last year of 153,972.
The Bank of Albania reports that more than 2.5 billion euros were transferred through this system until August. Last year, a total of 3.3 billion euros were transferred through the AIPS system within the country. The month of August is also the one that this year recorded the highest volume of payments in euros within the country with a total of 385 million euros of transactions.
The AIPS system has been operating since last year and is one of the most important developments in terms of the payment system in the country. Previously, national transfers in Euros were made only through the use of accounts that Albanian banks have in correspondent banks abroad.
This route created time delays and, above all, much higher costs compared to Lek transfers. In practical terms, the transfers were directed to the parent banks, which also carried out actions with very high costs, which went up to 200-300 euros for each transaction, while the time delay was a problem in itself.
Last year alone, about 10 million euros were saved in costs in the form of transfers between correspondent banks./Scan
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