IBAN no longer needed for everyday transfers under new Cyprus payment plan

Economy banksfinanceTop News IBAN no longer needed for everyday transfers under new Cyprus payment plan Image 541 1536x864 Relevant News IBAN no longer needed for everyday transfers under new Cyprus payment plan 31 August 2026 Survivors describe “battle for survival” on sinking ship 31 August 2026 “Is my wife alive?” — anguish grows as Kyrenia search resumes 31 August 2026 Theano Thiopoulou 31 August 2026 FacebookXWhatsAppEmailPrintViber Bank customers in Cyprus will be able to send money to customers of other banks using only their mobile phone number, without providing an IBAN, under a new instant payments system targeted for launch by the first quarter of 2027, according to information obtained by Phileleftheros. JCC Payments and the Association of Cyprus Banks are due to hold a key meeting in early September to evaluate the technical and procedural issues involved in building the system, which is modelled on Greece’s IRIS platform. The Association’s members are Bank of Cyprus, Eurobank Ltd, Alpha Bank Cyprus, Ancoria Bank, National Bank of Greece (Cyprus) Ltd, Cyprus Development Bank (CDB Bank), Societe Generale Cyprus and the Housing Finance Corporation. The project will be carried out by JCC Payments together with the Greek company Interbank Systems (DIAS). Once operational, a customer of one bank will be able to send money to a customer of another bank with just a mobile number; the transaction will complete within a few seconds, with both sender and recipient notified once it succeeds. Convenience in everyday life The change is expected to be most noticeable in small, everyday transactions; transferring money between friends, settling a bill, paying back a relative or covering a small obligation, all done from a mobile phone, without the sender needing to look up the recipient’s IBAN. The use of instant payments could also reduce reliance on traditional payment methods and lower costs for certain types of transaction. The biggest challenge, however, will be securing widespread adoption among banks, businesses and consumers. Checks and limits in focus The September meeting, the first substantive session on the project, will focus on the procedural and technical issues, as well as the individual details that need to be settled before implementation begins. Security safeguards built into the system are expected to be a particular focus, to ensure transactions are carried out safely and to limit the risk of errors, fraud or malicious use. Key questions still to be resolved include the maximum amount a customer will be able to send to another bank’s customer using only a mobile number, along with any daily or other limits and the security checks that will apply. The procedures for verifying a recipient’s identity, fraud-prevention checks, and the mechanisms that would be triggered by a suspicious or incorrect transaction are also to be settled. JCC and the banks will also need to agree on a specific implementation timetable, with current planning pointing to the same window. The September meeting is therefore considered pivotal, since it is expected to clarify the technical specifications, the requirements banks will need to meet, and the steps required before the service can be activated. If the timetable under discussion holds, Cyprus will take a significant step toward a new model of everyday payments, with a possible prospect of fast, cheap cross-border transactions with Greece or other countries as well. Subscribe to our Newsletter Latest News Survivors describe “battle for survival” on sinking ship “Is my wife alive?” — anguish grows as Kyrenia search resumes Hospitals discharge shipwreck survivors as search for 18 missing continues 35 degree peak, mostly clear skies on Monday Captain and seven crew members arrested following Kyrenia ferry disaster RoC assistance not needed in Kyrenia boat disaster, authorities say Cape Greco tragedy: Rescue teams battled 6 Beaufort seas to save four people, JRCC chief says Follow en.philenews on Google News and be the first to know all the news about Cyprus and the world.