Cyprus Plans Mobile Number-Based Interbank Payment Service for Early 2027 Launch
Cyprus is developing a new interbank payment system allowing customers to transfer money using only the recipient's mobile phone number. The initiative, inspired by Greece's IRIS system, aims to simplify electronic transfers by removing the need to input IBANs. The project, led by JCC Payments in collaboration with Greek operator DIAS, is currently in the planning phase, with a key meeting involving the Association of Cyprus Banks scheduled for early September. If implemented, the service could be rolled out as early as the first quarter of 2027.
This development promises to modernize financial transactions across Cyprus, making fund transfers faster and more accessible. Customers of participating banks will be able to initiate transfers directly through banking apps using mobile numbers, enhancing user convenience and reducing errors associated with IBAN entry. The initiative reflects a broader push towards digital innovation in Cyprus’ financial sector.
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