Initiative of the Governor of the Central Bank of Cyprus to speed-up banking operations

Thursday, 1 September 2022


Tender for a digital on-boarding solution for bank clients


As part of the initiative undertaken by the Governor of the Central Bank of Cyprus (CBC) aiming at further modernising the Cyprus banking system through fast, reliable, flexible and efficient banking services, the CBC issued a tender for a digital on-boarding solution for bank clients. The tender concerns the selection of the most economically advantageous provision of the technical solution for the remote electronic client identification process (“Client Digital On-boarding & Reviewing”). This aims to speed-up the process for collecting, identifying and reviewing data of current and prospective bank clients.

The aforementioned digital solution will bring benefits to individuals and corporates, reducing the time needed for their bank transactions and upgrading the quality of service they receive. At the same time the solution to be implemented will increase the efficiency and openness of banking services while adhering to relevant European regulations and creating a comparative advantage for the Cyprus banking system.

The implementation of this digital on-boarding solution will be on a voluntary basis for the banks operating in Cyprus. So far, Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank, Cyprus Development Bank and Eurobank Cyprus have confirmed their participation in the project following consultations with the Governor and the CBC.

The CBC, as the competent authority to regulate, recognise, approve or accept a remote electronic digital on-boarding solution/process in accordance with section 61(1)(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law, invites interested economic operators to submit tenders for undertaking the subject project.

Interested parties can retrieve the tender documents (Tender reference No 15/2022) from the CBC website at Tenders should be submitted to the CBC no later than 24 October 2022 at 13:00.