TIRANA, Sept 23 /ATA/ Following Albania’s admission to the Single Euro Payments Area (SEPA) as one of its 41 member states, effective October 7th, all entities processing euro-denominated transactions will gain access to expedited settlement times, reduced transaction costs, and enhanced payment security across the entire SEPA jurisdiction.

This achievement will enable euro transactions within the SEPA region to be conducted for the first time according to the same standards as those in EU member states, providing Albanian individuals and businesses with seamless access to the European financial market.

Minister of Economy and Innovation, Delina Ibrahimaj, described Albania’s inclusion in SEPA as a historic step toward the country’s integration into the European single market.

According to her, this is a crucial step in ensuring a more competitive economy that is closely aligned with the European Union.

The transition to digital payments—and the decrease in cash usage—boosts economic formalization, reduces tax evasion, improves the physical security of payments, cuts the costs linked to cash management, and fosters greater financial inclusion.

The economic benefits from executing payments with greater efficiency in terms of cost, time, and security are preliminarily estimated to reach up to 40 million euros per year.

SEPA includes the 27 EU member states, 3 countries from the European Economic Area (EEA) — Iceland, Norway, and Liechtenstein — as well as 11 countries outside the EU and EEA that fall within SEPA’s geographical boundaries. /j.p/sm/

Ibrahimaj: Albania’s entry into SEPA marks a historic milestone for integration into European Financial Market