The Central Bank of Cyprus (CBC), which chairs the National SWIFT Users Group (NSUG), held a high-level online meeting on June 20, with the participation of 45 representatives from Cypriot financial institutions and SWIFT.

According to a statement released by the CBC on Tuesday, the meeting focused on critical developments in the payments sector at both global and regional levels.

The announcement added that participants exchanged views on the ongoing transition to the new ISO 20022 messaging standard.

The CBC explained that particular emphasis was placed on timelines, operational readiness, and the strategic implications for cross-border and domestic payments.

SWIFT presented its approach and support for the SEPA VoP initiative, which aims to strengthen payment integrity and reduce fraud through beneficiary verification mechanisms.

In addition, there was extensive discussion on innovations and collaborations designed to improve speed, transparency, and end-user experience in transactions.

The latest developments in regulatory requirements were also presented, along with SWIFT tools for regulatory compliance and fraud prevention, as well as best practices for managing financial crime risks.

“The meeting highlighted the CBC’s firm commitment to facilitating dialogue among key stakeholders and supporting the financial sector’s digital transition, resilience, and regulatory harmonisation,” the statement stressed.

The next meeting of the NSUG SWIFT will take place in the fourth quarter of 2025 at the CBC premises, the announcement concluded.