Pristina ( 3 September 2004 ). An electronic system that allows quick and efficient transfer of payments between banks in Kosovo will be officially transferred to the Banking and Payments Authority of Kosovo (BPK) by the US Government on Tuesday, September 7 at 10:00. The transfer of the system, in use since April 2001 and updated in 2002, is possible because of the success of this ‘electronic interbank clearing system', reflecting the growth and return of confidence in the local banking system. The presentation will be made by Philip Goldberg, Chief of Mission of the United States Office in Pristina and Ken Yamashita, United States Agency of International Development (USAID)/Kosovo Mission Director to BPK officials in a ceremony at the BPK . Media are invited to attend.

The ‘electronic interbank clearing system' plus the installation and operating assistance was provided under the USAID program. The system , used by BPK, commercial banks and various government agencies and international organizations that process salary payments using the system, allows banks an easy way to communicate, reduces payment and settlement related risks and costs, and helps banks and BPK process payments quickly and efficiently. The average daily number of bank-to-bank payment transactions handled by the system is 1000.

The interbank clearing system department of BPK is responsible for monitoring and administering liquidity reserve accounts which licensed banks are required to maintain at BPK. This department also serves as the liaison between BPK and commercial banks in the day-to-day operation of their settlement accounts.