Cyprus to launch mobile-based instant payment system by 2027

Cyprus is preparing to launch a new instant interbank payment system by the first quarter of 2027, enabling customers to transfer money using only a recipient's mobile phone number instead of an IBAN. The project is modeled after Greece’s IRIS system and will be developed by JCC Payments in partnership with the Greek interbank operator DIAS.

A key meeting is scheduled for early September between JCC Payments and the Association of Cyprus Banks (ACB) to evaluate the technical and procedural requirements for the platform. Participating banks include Bank of Cyprus, Eurobank, Alpha Bank, Ancoria Bank, National Bank of Greece (Cyprus), CDB Bank, Societe Generale Cyprus, and the Housing Finance Corporation. While the mobile number acts as a proxy for the bank account to simplify everyday transactions, the system will continue to link to the underlying IBAN internally to ensure successful completion of transfers within seconds.