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Payment Revolution in Albania - the "Creative Destruction" for a New Business Model in Banking Prof

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Payment Revolution in Albania - the No. 37 Publication Bankieri October 2020 PAYMENT REVOLUTION AAB MEMBERS www.aab.al CONTENT Editorial Payment revolution in Albania - The "creative destruction" for a new business model in banking Prof. Asoc. Dr. Elvin MEKA 5 Bankieri No. 37, October 2020 Frontline Publication of Albanian Association of Banks The new law on payment services - An important and welcomed development Prof.Dr. Luljeta MINXHOZI 6 The new Law on Payment Services - Challenges and opportunities for the Albanian banking sector Kerem PAMUK No. 37 Publication October 2020 Ardian HASA Bankieri Gentian CAPO 9 New developments in the field of payments - An open market for competition and quality services Geis ÇEKU, MSc. Jonida KËLLEZI Perlat SULAJ 12 Seven Systems for Smooth and Efficient Payment Operations Vladimir VASIĆ 17 Special Pandemic, public debt and the economy Anila DENAJ, Minister 19 Intervista UNION BANK – dedicated to automatization and modernization of banking services PAYMENT Flutura VEIPI 24 REVOLUTION Banking System Banks - a indispensable reality for the economy and society Dr. Spiro BRUMBULLI 26 Beyond loan holiday/moratorium - Issues to be addressed and managed by the banking sector Admira LLAZARI 28 EDITORIAL TEAM: Experts's Forum The new legislation on capital market - the right investment for developing and deepening Elvin Meka the Albanian financial system Editor-in-Chief Eftali Peçi Niko KOTONIKA 31 Coordinator Moving towards a digital-first mindset Dorina Zarka Vladimir DJORDJEVIC 33 Photographer Digital Renminbi - a technical inevitability Design & Layout: FCB Afirma Dr. Genti BEQIRI 35 Printed by: CSR 38 News From Banking Sector 42 AAB: Activities - Trainings 43 Bankieri is the official publication of EDITORIAL BOARD: the Albanian Association of Banks which mainly focuses on the Albanian Silvio PEDRAZZI Georgios PAPANASTASIOU Adrian CIVICI AAB Chairman & CEO AAB Executive Committee Dean, Faculty of banking industry. Bankieri provides of Intesa Sanpaolo Bank Member & CEO Economics, Mediteranean readers with valuable information on Albania of Alpha Bank Albania University of Albania the financial industry's developments in general, and of commercial banks Maltin KORKUTI Dritan MUSTAFA Eleonora OLLI AAB Executive Committee AAB Executive Committee Chairman of Albanian in particular Member & CEO Member & CEO of Tirana Institute of Authorized of Credins Bank Bank Chartered Auditors (IEKA) ALBANIAN ASSOCIATION OF BANKS Street "Ibrahim Rugova" Andi BALLTA Ervin METE Spiro BRUMBULLI AAB Executive Committee General Executive Director Secretary General, SKY TOWER, 9/3, Tirana Member & CEO of Albanian Financial Albanian Association of Tel: ‘+355 4 2280371/2 of American Bank Supervision Authority Banks Fax: +355 4 2280 359 of Investments www.aab.al October 2020 Bankieri 3 www.aab.al Ti ke lindur për gjëra të mëdha 4 Bankieri October 2020 www.aab.al EDITORIAL Payment revolution in Albania The "creative destruction" for a new business model in banking The law provides and promotes numerous opportunities for innovative processes and products, which will take banking and financial services in Albania up, to a pretty much higher level. with the revised European Union historical evolution of capitalism, being Payment Services Directive (or either a process or a product2. PSD2). It is worth mentioning here In this context, banks as large that, for the first time in Albania, institutions and the most innovative such a strong structural movement ones in the Albanian economy, have and development, at the European all the opportunities to turn into their level, starts and becomes part of advantage the possibility of the level the economic system so quickly. playing field, created by this law, for Certainly, it’s quite understandable cross-sectoral competition, not only that such a development happens between banks, but also between banks and non-bank financial institutions. within the Albanian banking system But, here it must be grasped that, now and sector, which remains not only they are not just facing a new product, the most serious, well - organized for which a mere adaptation, or and most capable activity to face and 1 incorporation into the current business Prof. Asoc. Dr. Elvin MEKA finance change, but also the closest model, is enough; it is already a new Editor-in-Chief to EU economic structures. business model, where one of its main pillars is the payment services! Beyond the well-known fact that the The new reality, in which banks new law will enable better consumer he Revised Payment Service will have to operate and be not only protection, the entry of new players Directive (PSD2), which entered competitive but also innovative, in the market, increased competition into force in January 2018, caused means that they must necessarily T and cheaper payment services, it will 3 the Fourth Industrial Revolution to avoid the "KODAK" effect, where not stop just at paving the way for a Ti ke lindur për bear its fruits, in the field of payments. the innovative institutionalization of payment service overhaul. From now This is so true that, within a very the payment service, realized nine on, they will never be the same as short time frame, radical changes are centuries ago by Bank of Venice and before, both in form and content, but being observed in Europe, in terms of huge investments made so far in above all, such law will completely gjëra të mëdha payment systems. the payment service, should not be "shake" the model of banking activity Thankfully, such revolutionary considered as sufficient to continue in the country. The legislation (the transformation has already knocked business as usual. This reality calls law and respective bylaws) will allow, on the doors of the Albanian financial for a more personalized effort with within the Albanian financial system, system, since quite a few months client and for an all-new approach, in the implementation of the "creative ago, the Assembly of the Republic of terms of attracting more new clients. destruction", iconized by Joseph The challenge here is now to produce Albania approved the new Law "On Schumpeter, who more than eight payment services". Generally, this new "needs" and moreover, to create decades ago argued that innovation is more added value for the customer! law makes a significant alignment the fundamental driving force of the 1 Dean of Faculty of Economy, Business & Development, European University of Tirana, UET. 2 Joseph Schumpeter: “Business Cycles: A theroretical, Historical, and Statistical Analysis of the Capitalist Process, Volume I”, 1939. 3 Kodak created a digital camera, invested in the technology, and even understood that photos would be shared online. Where they failed was in realizing that online photo sharing was the new business, not just a way to expand the printing business. (Scott D. Anthony: “Kodak’s Downfall Wasn’t About Technology”, HBR, 2016). October 2020 Bankieri 5 www.aab.al FRONTLINE The new law on payment services An important and welcomed development The innovations of the law "On payment services" may affect the financial and economic system, through its three main effects: - promoting competition and creating innovative financial services, - better consumer protection; and - expansion of the representation of institutions providing payment services, throughout the territory of the Republic of Albania. directive of the European Union, I would like to emphasize that PSD2 (Payment Services Directive the innovations of the law "On 2), into our financial legal payment services" may affect framework. In an international the financial and economic framework, such Directive is system, through its three main considered as a law with the effects: - promoting competition objective of regulating not only and creating innovative financial the payment system, but also a services, - better consumer law, which through innovation, protection; and - expansion of promotes a simultaneous the representation of institutions providing payment services, throughout the territory of the Republic of Albania. Prof.Dr. Luljeta MINXHOZI1 Banks, payment and electronic Promoting Competition through First Deputy Governor money institutions, should be innovation BANK OF ALBANIA The new law strengthens the careful in their decision-making, BoA's supervisory legal basis for by taking advantage of European payment services, by ensuring inancial inclusion of experience, in order to maximize impartiality and proportionality population and the reduction the effects of the law, but also in licensing and regulating the of cash in the economy has payment service providers. This F being careful that investments become an important priority for means that competition between the Bank of Albania (BoA) and made in new payment institutions Payment Service institutions will the National Payment System to comply with the required increase, through: Committee, to achieve the standards. • balancing the space for objective of reducing informality providing payment services and increasing transparency between banks and non- in the economy. In this context, bank financial institutions, since 2018, a number of important allowing the latter to open measures have been taken, in expansion of electronic payments payment accounts and order to modernize the market and electronic commerce. The issue electronic payment for small value payments. new law "On Payment Services" instruments, The recent adoption of Law is expected to contribute at • creating conditions for 55/2020: "On payment services" promoting the financial
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