AlbaniaCategory
Product and Service InnovationKeyword
Digital channels & Omnichannels, Payments
Innovation presentation
epara by BKT PAY – Project Description
Launched in June 2024, epara is the first end-to-end digital onboarding and payments platform in Albania—built and operated by BKT Pay, the fintech arm of Albania’s largest bank, BKT. Fully PSD2- and EMD2-aligned, epara enables real-time account creation, identity verification, and mobile-first banking through a secure, cloud-only infrastructure, making it both agile and regulation-ready. With over 40,000 downloads and 200,000+ transactions in 9 months, epara is not just a wallet—it is the foundation of a financial ecosystem strategy connecting citizens, small businesses, tourists, and diaspora to a future-proof payment infrastructure. As Albania eyes EU accession, epara represents a benchmark in responsible digital transformation, regulatory compliance, and economic inclusion.
Main objectives and strategic rationale include: * Build a bank-led digital ecosystem combining fintech speed with institutional trust * Support Albania’s EU alignment with PSD2/EMD2 compliance * Digitize access for locals, diaspora, and tourists * Empower SMEs and freelancers * Position BKT as a leader in open banking and embedded finance
Albania’s need for digital financial infrastructure, high emigration and underserved financial segments, lack of scalable, compliant digital onboarding and payment systems and the desire to align with EU standards and modernize the economy are the main reasons behind epara creation.
Where most fintechs localize a global idea, epara globalized a local problem—and solved it at scale. This suggests a unique positioning compared to competitors who adapt existing models rather than innovate locally. While some regional banks offer partial digital functionality, epara is the first Albanian solution to deliver a fully seamless, end-to-end onboarding and payment experience. Competing platforms often require in-person verification or lack real-time payment integration. epara stands out by combining digital identity verification, instant account access, and a fully integrated payments ecosystem.
epara draws inspiration from global fintech leaders but adapts these models to the local legal, cultural, and technical context and user needs like diaspora remittances and unbanked population. It integrates global best practices in digital identity, onboarding, and payments, while aligning with Albanian and EU regulations (EMD2, PSD2).
The project was a cross-functional effort involving Product, Compliance, Engineering, CX, Marketing, Legal, Operations The launch was the result of a well-planned, cross-functional strategy—backed by dedicated teams working in alignment for more than a year.
Key Results so far include: 40,000+ installs, 11,000+ active users, 200,000+ transactions in 9 months Under 5 minutes for digital onboarding Awarded “Best Product” in CEE & CIS by EMEA Finance First PSD2/EMD2 license in Albania Real-time onboarding for tourists and diaspora Entry into open banking and e-commerce integrations
Interested in learning more?
Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.