Instant Payments Now Available Across Cyprus

The Central Bank of Cyprus has announced the introduction of instant payment services.

Starting from January 9, payments can now be made from any account in Cyprus or within the Single Euro Payments Area (SEPA).

Instant payments enable users to transfer funds at any time, 24/7, year-round. These transactions are much faster than traditional transfers, which are generally processed only during business hours and may not reach the recipient’s account until the next working day.

“Consumers and businesses can now send and receive payments in just a few seconds, using the internet, mobile phones, or other smart devices,” the company stated.

It’s also important to note that last year, the Cyprus Banks Association announced that interbank and cross-border transactions will take effect on January 9, 2025. This will involve all Cypriot banks and the SEPA region, with payments completed in just 10 seconds.

For more information on the accelerated transactions, visit here.