Retail Payment Systems

Retail payment systems are defined as funds transfer systems which typically handle a large volume of payments of relatively low value in forms such as cheques, credit transfers and direct debits. They are usually used for the bulk of payments to and from individuals and between individuals and corporates.

JCC Cards Payment System

JCC Cards Payment System (JCC Cards) is owned and operated by JCC Payment Systems Ltd (LEI code: 5493004UL7QITGOF5F14), which is a major service provider in Cyprus offering acquiring, clearing and settlement of payment card transactions.  JCC Payment Systems Ltd  processes authorisations received from issuing banks, clears and settles transactions via payment cards issued under license from the card schemes of VISA International, MASTERCARD International and Diners Club International.

Cyprus Clearing House for cheques

The Cyprus Clearing House (CCH) is operated since 1964 by the Plenary, which comprises of representatives from all participating banks. The legal framework governing its operation is ‘the Bills of Exchange Law (Cap.262)’.

CCH is the only local clearing house that operates for: (i) the exchange and clearing of cheques denominated in euro, and (ii) the facilitation of the corresponding settlement arrangements between participating banks. Clearing sessions are conducted electronically through the Electronic Cheques Clearing System (ECCS) platform. Settlement is effected in T2-CY.


The CCH Plenary is the operator of the system and it comprises of an appointed representative from each participating bank. There are three Sub-Committees in place, each of which is mandated to deal with legal, technical and operational aspects respectively. Representation therein is open to all participating banks on a voluntary basis. Each appointed Plenary representative has a single voting right and decisions are made by two thirds majority.

The CBC is a system participant, chairs the Plenary and performs Secretary duties at Plenary meetings.


Credit institutions that are licensed by the CBC are eligible participants to CCH. All CCH Participants must comply with ECCS technical and operational requirements.


Approved expenses are allocated to participants in proportion to the total volume of cheques presented to CCH in the preceding year.

Cyprus SEPA Direct Debit Payment System

The Cyprus SEPA Direct Debit Payment System (CY-SDD) commenced operations in 2014 in order to facilitate migration to the Single Euro Payments Area (SEPA). The clearing of transactions is effected electronically and settlement is effected in T2-CY.  The CY-SDD Payment System is interoperable with Deutsche Bundesbank's RPS SEPA Clearer for facilitating cross-border SDDs.