The Central Bank of Kosovo (BQK) and the Bank of Italy have signed a letter of intent to initiate the TIPS Clone project, a fast payments system designed to enhance financial infrastructure in the Western Balkans, including Kosovo.
The Bank of Italy will develop the TIPS Clone system, modeled after the Eurosystem’s real-time payments platform. This initiative is a strategic milestone for Kosovo, aligning with BQK’s Strategic Plan to modernize payment systems and integrate with European financial infrastructure.
“This collaboration marks a historic moment, positioning Kosovo to benefit from the professional and technical expertise of the Eurosystem, ensuring continuous updates to match EU payment system innovations,” BQK stated.
The project, expected to be operational within 18 months, will initially facilitate 24/7 local payments between payment service providers. Future plans include SEPA integration and eventual connectivity with EU payment systems.
In addition to Kosovo, central banks from Albania, Montenegro, and Bosnia and Herzegovina have also signed the letter of intent, signaling a regional commitment to advancing payment infrastructure.
