The Central Bank of Cyprus informs the public that as of today, 9 January 2025, it will be able to accept, on behalf of itself and its customers (certain government departments and agencies), instant payments from any payer account held with a bank in Cyprus or with a bank within the Single Euro Payments Area (SEPA).
Instant payments allow users to transfer funds at any time of the day (24/7). This is much faster than traditional transfers, which are received by payment service providers during business hours and may reach the payee's account on the next business day.
The integration of instant payments modernises transactions. Consumers and businesses can easily send and receive funds in seconds via online banking, mobile phones and wearables. Payment recipients can optimise cash and liquidity management, reduce transaction settlement time and management of outstanding payments, and collect outstanding amounts in real time. Finally, payment service providers can use instant payments as a steppingstone for developing innovative services and strengthening their competitive position in the retail payments market.