Led by the Association of Cyprus Banks, this is a significant step forward for Cyprus’s banking sector. The Cyprus banking system took steps to revolutionise its banking system in 2025. This is when it introduced the option of instant payments to its main banking platforms. The main aim of this initiative was to help bring the island’s banking system in line with the rest of Europe by enhancing efficiency, security, and convenience for individuals and businesses alike.

The upgrade, which allows all customers to complete cross-bank and cross-border transactions within 10 seconds at any time of the day, functions across all SEPA countries. This includes all European Union member states and the United Kingdom.

Its success thus far has allowed it to further enhance some of its features. Security has been improved by the ‘Verification of Payee’ feature, which now calls upon the recipient to confirm account details before any payments are processed. In addition to this, all fees for instant payments can no longer exceed those for standard transfers, making the service even more attractive.

Discussions are also underway to create a shared mobile payment platform. This would allow transactions to use phone numbers or email addresses, much like other online banking systems, which include REVOLUT.