Euro payments with AIPS lose momentum - BoA: Number of transfers fell by 1.5% in May, but the system continues to expand its use
Fewer payments in euro were made through the AIPS EURO system during May. The latest data from the Bank of Albania shows a 1.5% decrease in the number of transactions compared to April.
Specifically, in the period January-May of this year, over 190 thousand transactions were carried out through the AIPS EURO system, which reached a total value of around 2.9 billion euros. In May, around 42.1 thousand transactions were carried out, with a value of around 620.1 million euros.
The AIPS EURO system enables the gross, real-time settlement of bank customers' transactions for euro payments within the territory of Albania. The AIPS EURO system began operating in 2022. The main purpose of its creation was to make euro payments within the country at a lower cost and in a much faster time. Previously, the process was carried out through correspondent banks, while data shows that the system is increasingly being used for smaller value payments, reflecting the growing familiarity of individuals and businesses with this payment instrument.
On a monthly basis, the value of transactions carried out with AIPS EURO has also continued to record low levels, compared to previous months. Bank of Albania data show a decrease in the use of the system during the past month, both for large-value payments and for more common transfers between customers.
According to statistics, during January, 31.5 thousand transactions were carried out with a value of 480.9 million euros, in February about 35 thousand transactions with a value of 494.3 million euros, while in March the number of operations reached over 39 thousand, with a value of 593 million euros. The positive trend continued in April, recording 42.7 thousand transactions with a value of 733.5 million euros, while it began to decline in May.
The AIPS EURO system operates in the same way for euro payments made within Albania. This system is typically used for transactions between businesses operating with euro contracts, such as payments for imports, services or investments, as well as for euro transfers between banks on behalf of their clients.
On the other hand, the AIPS system, administered by the Bank of Albania, is used for making large-value payments in lek within the country and is mainly used by banks, businesses and institutions. It is used to make important financial transfers, such as large payments by businesses to suppliers, payments by state institutions for public contracts or settlement of obligations between banks.
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