General Information
Open Banking is an innovation in modern banking that enables customers to access their account(s) and/or payment data held by banks and other financial institutions through Third Party Providers (TPPs). Communication takes place through secure, standardized Open APIs.
How Open Banking Originated and Evolved
The concept was first introduced in 2003 as part of the open innovation movement. The emergence of online banking and the rapid growth of internet technologies in the early 2000s increased interest in data accessibility, initially demonstrated through account aggregation services developed by technology companies.
During the 2010s, Open Banking evolved into a model that transformed banks into financial service platforms, technically implemented through the concept of "Banking as a Service (BaaS)."
The first major regulatory milestone came in 2015 when the European Parliament adopted the revised Payment Services Directive (PSD2). The new regulation aimed to promote innovative online and mobile payment services through Open Banking and introduced new payment services, definitions, and obligations for market participants.
Legal Framework in Albania
In order to align with the European PSD2 Directive and support the implementation of the National Payments Strategy 2018–2023, Open Banking has been introduced in Albania and operates under the following legal and regulatory framework:
Law No. 55/2020 – "On Payment Services"
This law establishes the conditions and rules governing the rights and obligations between Payment Service Providers and their users regarding the secure and transparent provision of payment services.
Apply OnBank of Albania Regulation No. 29, dated June 1, 2022line
"On Strong Customer Authentication and Common, Open and Secure Communication Standards."
This regulation defines the common, open, and secure communication standards between participants in payment services for the provision and use of payment services.
You can read more by following these links:
Law "On Payment Services" (Bank of Albania)
Regulation 29/2022 “On strong customer authentication and common, open and secure standards of communication” (Bank of Albania)
Key Participants
The customer is a client of the Bank, a user of Third Party Providers (TPPs), and the beneficiary of the services they provide.
These services may include:
• Account information
• Information about initiated or received payments
• Payment initiation
A financial institution that provides and maintains payment accounts, account information, and payment services related to those accounts.
This role is performed by Credins Bank.
A financial institution licensed by the Bank of Albania to provide payment services and registered in the Bank of Albania's Public Register.
By securely communicating with the Bank through APIs, TPPs provide services permitted under the Payment Services Law and the relevant regulations of the Bank of Albania.
Types of TPPs include:
• Account Information Service Provider (AISP)
Allows customers to securely access information about their payment accounts held with one or more ASPSPs.
• Payment Initiation Service Provider (PISP)
Allows customers to initiate a payment from a payment account held with another payment service provider.
• Payment Service Provider (PSP)
An entity that executes a customer's payment order received securely through a Third Party Provider.
An API is software that enables secure communication between the Bank and Third Party Providers for the transfer of customer account information and/or payment initiation requests.
To register and use our API, every TPP must be licensed and listed in the Bank of Albania Public Register.
For more information about our API:
The Sandbox is a testing environment where Third Party Providers can verify the communication between their software and the Bank's APIs.
For more information or to access the Sandbox:
For additional information, please contact:
openbanking@bankacredins.com
Reports
FCA Report
Performance and Availability
FCA Report
Performance and Availability
FCA Report
Performance and Availability
FCA Report
Performance and Availability
FCA Report
Performance and Availability
FCA Report
Performance and Availability
Contact Credins
Fill out the form below and a Credins representative will contact you to assist with your needs.
