Round-the-Clock, 10-Second Bank Transfers Coming to Cyprus in Early 2025

The Cyprus Banks Association has announced that interbank and cross-border transactions will soon take just 10 seconds to complete. This revolutionary 24/7 service will be launched on January 9, 2025, covering all banks in Cyprus and the Single Euro Payments Area (SEPA).

The new system will allow funds to move from the payer's account to the recipient's account in a mere 10 seconds, no matter the country of origin. Currently, standard bank transfers take anywhere from one to two business days to process.

“Customers will soon enjoy instant payments from any bank in Cyprus or within the SEPA zone, significantly reducing the time compared to traditional bank transfers,” the association said in a statement.

This initiative complies with the European Regulation on Instant Payments, which has already come into force.

The Central Bank of Cyprus has mandated that all banks in the country enable instant payment reception by January 9, 2025. This directive is part of a broader effort to modernize financial transactions.

To ensure the system's reliability and security, banks are required to upgrade their electronic systems with enhanced measures designed to prevent errors, detect fraud, and identify suspicious transactions.

One such measure, the "Payee Name Verification" feature, is set to roll out by October 9, 2025.

This feature will allow payers to verify that the account number or IBAN corresponds to the intended recipient's name before completing a transaction. This added step aims to minimize the risk of fraud.

Additionally, fees for instant payments will remain the same as those for current transfer methods. Banks will not be permitted to charge higher fees for instant payments than for standard transfers.