๐ฐ ๐๐ฒ๐๐ผ๐ป๐ฑ ๐๐ต๐ฒ ๐๐ฒ๐ฎ๐ฑ๐น๐ถ๐ป๐ฒ๐! ๐
As recently featured in StockWatch, Cyprus banks have implemented instant payments, enabling customers to send and receive money across the SEPA zone in just 10 seconds. These changes came into effect on 10 October 2025, marking a major milestone in faster and safer banking.
The system covers all SEPA countries, the 27 EU member states plus 10 additional non-EU countries, including the UK and Switzerland, allowing businesses and individuals to complete cross-border payments in real time, rather than waiting 1โ2 business days.
What Are SEPA Instant Payments?
SEPA instant payments let customers transfer funds immediately between banks, both domestically and internationally. This new framework, mandated by the European Regulation on Instant Payments, includes:
- January 9, 2025: Banks began accepting instant payments
- October 10, 2025: Banks started sending instant payments
Benefits include:
โ Transfers completed in 10 seconds;
โ No additional fees compared to traditional transfers;
โ Enhanced security through Verification of Payee.
Enhanced Security Measures
Banks have upgraded their electronic systems to prevent errors, detect suspicious transactions, and reduce fraud risks.
The Verification of Payee feature allows the payer to confirm that the IBAN or account number matches the recipientโs registered name, ensuring secure and accurate transfers.
How Our Legal Firm Can Help
As a leading legal firm in Cyprus, we support corporate and international clients in:
โ Opening corporate bank accounts in Cyprus;
โ Smooth onboarding with local and SEPA banks;
โ Strategic guidance for secure and efficient banking.
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Whether you are starting a new business or expanding operations, we ensure your banking setup is fully compliant and optimized.
Contact us:
๐ง Email: info@paraschou.com.cy
โ๏ธ Tel: +357 22 622 262
๐ Website: www.paraschou.com.cy