Ministry Issues Reminder Regarding IRIS Instant Payment System for Freelancers and Self-Employed
Faster transactions without fees for consumers and at a lower cost for professionals
From the Press Office of the Ministry of National Economy and Finance
The Ministry of National Economy and Finance and the Independent Authority for Public Revenue (AADE) remind freelancers and self-employed individuals of their obligation to link their professional account with the IRIS instant payment system in order to receive payments from their customers. The deadline to comply is now Monday, September 2.
The AADE estimates that approximately 294,510 freelancers and self-employed individuals still need to connect their professional accounts with IRIS.
IRIS offers significant advantages for both consumers and professionals:
- Customers can make payments without any fees, 24/7, without needing the professional’s bank account details or debit/credit card information. They only need the professional’s mobile phone number, tax identification number (AFM), or scan the QR code associated with the professional’s bank account.
- Professionals receive money instantly (in 2 seconds) regardless of the customer’s bank. Additionally, they pay on average 50% less in fees compared to transactions using POS terminals.
Activating the service is simple and can be done through the web banking or mobile banking of your cooperating bank.
Please note:
- The IBAN you choose during registration must be registered in the AADE Professional Accounts Registry at the myAADE portal.
- The daily transaction limit for IRIS is 500 euros per customer, not the total amount received in a day.
- Failure to register by the deadline will result in a fine of 1,500 euros.
FROM THE PRESS OFFICE