The Central Bank of Cyprus (CBC) announced this week that it has started to accept instant payments on behalf of itself and its clients, including certain government departments and state organisations.
The payments, effective from January 9, can be made from any payer account within Cyprus or across the Single Euro Payments Area (SEPA), the CBC said.
Instant payments, also known as credit transfers, allow users to transfer funds at any time, day or night, seven days a week.
These transactions are significantly faster than traditional credit transfers, which are typically processed only during business hours and may take until the next working day to reach the recipient’s account.
“With the introduction of instant payments, transactions are now modernised,” the CBC stated.
“Consumers and businesses can transfer and receive funds within seconds using the internet, mobile phones, and other smart devices,” it added.
Moreover, the CBC highlighted several benefits for recipients, including improved cash and liquidity management, reduced settlement times for transactions, and real-time collection of outstanding payments.
“For payment service providers, instant payments create opportunities to develop innovative services and strengthen their competitive position in the retail payments sector,” the CBC concluded..
