Kosovo extends payment ID to non-banking institutions

The adoption of the IBAN standard for payment accounts from NBFIs aims to ensure interoperability with traditional bank accounts, the central bank said in a website notice on Monday.

The KIO code is set to provide clear identification within the interbank payment system, KIPS.

Earlier, in September, the central bank approved amendments to the regulation for KIPS that would allow NBFIs to use the system in the future.

As many as 24 NBFIs are registered in Kosovo, including electronic wallet providers and other fintech companies, according to central bank data released in June.