Cyprus to launch instant mobile number-based bank transfers by early 2027
Cyprus bank customers will be able to transfer money instantly using only the recipient's mobile phone number, bypassing the need for IBANs, with a new payments system set for launch by early 2027. The initiative, modeled after Greece's IRIS platform, aims to simplify small everyday transactions such as bill payments and personal money transfers across different banks within seconds.
The project is being developed by JCC Payments in collaboration with the Association of Cyprus Banks, including major lenders like Bank of Cyprus and Eurobank. A crucial meeting is planned for early September to finalize technical details, security measures, and transaction limits before implementation.
Security protocols and fraud prevention are key focus areas to ensure safe, error-free operations. If successfully adopted, the system could significantly reduce transaction costs and facilitate faster, possibly cross-border payments with countries such as Greece, marking a major advancement in Cyprus's banking infrastructure.
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