Nicosia, 23 June 2025 – The Central Bank of Cyprus (CBC), which Chairs the Cyprus SWIFT National User Group (NUG), hosted a virtual meeting on 20 June 2025, bringing together 45 representatives from domestic financial institutions and SWIFT. The session focused on critical developments in the global and regional payments landscape.
Key themes presented by SWIFT senior experts and discussed during the meeting included:
- ISO 20022 Migration: Participants reviewed the ongoing transition to the ISO 20022 messaging standard, discussing timelines, operational readiness, and strategic impacts on cross-border and domestic payments.
- SWIFT’s Approach to SEPA VoP (Validation of Payee): SWIFT presented its approach and support for the SEPA VoP initiative, aiming to enhance payment integrity and reduce fraud through payee verification mechanisms.
- Speed & Transparency of Payments: Discussions explored innovations and collaborative efforts to improve the speed, end-to-end visibility, and user experience of payment transactions globally and within the EU.
- Financial Crime, Compliance & Anti-Fraud Update: A comprehensive update was provided on evolving regulatory requirements, SWIFT’s tools for compliance and anti-fraud, and best practices in mitigating financial crime risk.
The meeting underscored the CBC’s commitment to facilitating dialogue among key stakeholders and supporting the financial sector’s digital transformation, resilience, and regulatory alignment.
The CBC extends its appreciation to SWIFT and all participants for their valuable contributions and continued partnership. The next meeting of the CY SWIFT NUG will be held in Q4/2025 at the premises of the CBC.