In a landmark move, the European Parliament has endorsed new regulations
aimed at ensuring swift fund transfers for retail and business customers across the Union, with Cyprus tasked to implement the directive within the stipulated time frame. Banking sources hint that the full 18-month window may not be necessary.
These regulations place a premium on transaction security, mandating robust fraud detection and recipient verification mechanisms. Moreover, customers will enjoy the benefit of setting maximum limits for direct payments without any additional charges.
In the Cypriot context, two potential scenarios are under consideration for implementing the bank transfer agreement within 10 seconds to local banks. Users may opt to transfer funds directly to other banks through dedicated apps or leverage a unified platform, akin to the Greek IRIS, with participation from all banks. Collective decisions on this matter are pending, with Cypriot banks expected to chart their course in the near future.
