Cyprus will modernise its banking system from January 9, 2025 with the introduction of instant payments, allowing customers to make cross-bank and cross-border transactions within 10 seconds, regardless of time or day, the Association of Cyprus Banks has announced.
The new system will operate across all SEPA zone countries, including the 27 EU member states and nine additional countries such as the UK, dramatically reducing current transfer times of one to two days.
Banks will enhance security measures, including a “Verification of Payee” feature from October 2025 to ensure account details match the intended recipient before completing payments.
The regulation stipulates that banks cannot charge higher fees for instant payments compared to standard transfers. Plans are also under consideration for a common mobile payment platform using only phone numbers or email addresses.
This initiative marks Cyprus’s entry into a new era of banking, streamlining financial transactions for both citizens and businesses across the SEPA zone. The new system promises to increase efficiency while maintaining security in daily banking operations.
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