Customers will send and receive payments in just 10 seconds, including abroad

The Bank of Cyprus on Wednesday announced the full implementation of instant payments in Cyprus, effective October 9, 2025.

This will allow customers to send and receive payments from any bank within Cyprus or the Single Euro Payments Area (SEPA) in a matter of seconds.

According to the bank’s announcement, customers will now be able to make and receive instant payments from any Cypriot or SEPA-zone bank, significantly reducing transaction times compared with traditional transfers.

The processing time for a payment from the payer’s account to the recipient’s account will be reduced to just 10 seconds, regardless of the country from which the payment originates.

By contrast, the current processing time for conventional bank transfers can take one to two business days.

Instant payments will be implemented in all SEPA-zone countries, which include the 27 EU member states and an additional 10 non-EU countries, among them the United Kingdom and Switzerland.

The implementation date derives from the European Regulation on Instant Payments, which has already come into force.

The regulation includes two key deadlines for banks: January 9, 2025, for the ability to receive instant payments, and October 9, 2025, for the ability to send them.

Under the regulation, banks are required to upgrade their electronic systems with enhanced security features aimed at preventing errors, combating fraud, and detecting suspicious transactions.

One important security measure, known as Verification of Payee, must be in place by October 2025.

This feature will allow the payer, before confirming a transaction, to verify that the account number (or IBAN) entered corresponds to the correct recipient’s name, both within Cyprus and abroad.

This measure is expected to reduce human error and prevent fraudulent attempts.

The transfer limit for instant payments will be determined individually by each bank, as the regulation does not set a standard limit.

The regulation also stipulates that banks cannot charge higher fees for instant payments than those applied to regular transfers.

This provision, which takes effect on January 9, 2025, ensures that customers benefit from faster payments without incurring higher transaction costs.

Furthermore, banks may introduce additional services to improve customer convenience, although these are optional.

One proposed service under consideration is the creation of a shared platform or mobile app that would allow customers to send instant payments using a phone number or email address, instead of an IBAN.

Cypriot banks are currently exploring this concept, and if all goes as planned, the platform could launch in 2026.

The regulation ultimately aims to ensure faster and more secure payments for both individuals and businesses across the SEPA zone, with costs not exceeding those of standard bank transfers.