Interbank Systems SA (DIAS) has successfully launched direct payment services in Cyprus, marking a significant milestone in the region’s banking landscape. As of January 9, 2025, DIAS is now facilitating direct transactions across all Cypriot banks, including the Central Bank of Cyprus, a move that enhances the efficiency of financial operations within the Single Euro Payments area (SEPA). This advancement follows the European Regulation 2024/886, which mandates eurozone banks to accept direct payments, thereby eliminating fees associated with traditional money transfers.DIAS’s managing director, Stavroula Kambouridou, emphasized the importance of this expansion, stating that it not only benefits the greek economy by boosting exports but also sets the stage for potential integration of the IRIS payment system in Cypriot banks, promising faster and more cost-effective interbank transactions in the future.
Title: DIAS Direct Payment Services Launch: Expert Insights on Transforming Cyprus’ Banking Landscape
Interviewer: Thank you for joining us today to discuss the recent launch of direct payment services by interbank Systems SA (DIAS) in Cyprus. This growth marks a significant shift in the banking industry. Can you explain what this launch entails for both consumers and businesses in the region?
Expert: Absolutely, the launch of DIAS’s direct payment services is revolutionary.Effective January 9, 2025, DIAS can facilitate direct transactions across all Cypriot banks, including the Central Bank of Cyprus. This means that individuals and businesses can transfer money more efficiently without the conventional fees associated with previous money transfer methods. It’s a move that aligns perfectly with the European Regulation 2024/886, which aims to streamline payment processes across eurozone banks.
Interviewer: That’s notable! What are some of the advantages of this new system for everyday transactions in cyprus?
Expert: One of the most notable advantages is the elimination of transfer fees, which can be a burden for both individuals and businesses. This direct payment system enhances the efficiency of financial operations within the Single Euro Payments Area (SEPA), allowing for quicker settlements and increased cash flow. Moreover, it supports the Greek economy by boosting exports, as businesses can transact with partners more swiftly and cost-effectively.
interviewer: How does this initiative impact the overall banking landscape in Cyprus, especially regarding the potential integration of the IRIS payment system?
Expert: The introduction of direct payment services lays the groundwork for the future integration of the IRIS payment system in Cypriot banks. As DIAS’s managing director,Stavroula Kambouridou,mentioned,this integration could lead to even faster and more cost-effective interbank transactions. This aligns with global trends where efficiency and reduced costs are critical for competitive banking landscapes.
Interviewer: with all these advancements, what practical advice would you give to businesses and consumers to maximize the benefits of these new services?
Expert: Businesses should familiarize themselves with the new system’s functionalities and educate their employees on how to use them effectively. they may also want to re-evaluate their pricing strategies now that transaction costs have been minimized. For consumers, it’s essential to stay informed about the services offered by their banks and take advantage of direct payments for both personal and business transactions. This could mean rethinking how they handle payments and cash flow management.
Interviewer: how do you see this development influencing future banking innovations in Cyprus and beyond?
Expert: I believe this development is just the beginning. As more banks adopt direct payment systems and the IRIS integration progresses, we will likely see a wave of innovation in banking technologies. This could lead to more user-friendly interfaces, increased mobile banking solutions, and enhanced financial products tailored to the needs of customers. Cyprus stands at the forefront of these changes, setting an example for other regions in the eurozone.
Interviewer: Thank you for sharing your insights today. It seems that with the launch of DIAS’s direct payment services, the future of banking in Cyprus is looking very promising.
Expert: Thank you for having me. It is indeed an exciting time for the banking sector in Cyprus, and I look forward to seeing how these changes unfold.