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Cyprus Banks Embrace Enhanced Payee Verification to Secure SEPA Payments

by THEFUTURE.TEAM

September 30, 2025

Introducing Enhanced Payment Verification

All banks operating in Cyprus and throughout the SEPA zone will implement a new verification service in October 2025. This initiative, known as the Verification of Payee (VoP) service, is designed to fortify electronic payment security by ensuring that the beneficiary’s name correctly matches the associated IBAN.

Aligning With European Payment Security Strategy

The Association of Cyprus Banks confirms that the VoP service is a critical element of the European strategy aimed at unifying and safeguarding payment processes. The regulation mandates that payment service providers incorporate a verification mechanism before processing transfers. This not only reduces errors but also assures both citizens and businesses that transfers reach the intended recipients without compromise.

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Streamlined Verification Process for Modern Banking

The enhanced system will verify beneficiary details within seconds in both standard and instant euro payment channels across all SEPA countries. Applicable to both individual and corporate accounts, the service is delivered free of charge. When a customer initiates a payment through internet or mobile banking, the standard entry of an IBAN and beneficiary’s name will trigger an immediate cross-check against the beneficiary bank’s records.

Three-Tiered Response System

The verification process returns one of three outcomes. A full match permits seamless processing, whereas a close match—often due to minor discrepancies such as spelling errors—will prompt a warning and offer the correct suggestion before proceeding. In instances where the entered details do not align with the bank’s records, the customer is strongly advised to recheck the information to avoid misdirected funds.

Mitigating Risk and Fortifying Trust

In cases where verification is inconclusive—resulting from technical challenges or inactive accounts—customers will be alerted to the uncertainty, thereby prompting risk assessment prior to continuation. By reducing errors and potential fraud, the VoP service strengthens overall trust in electronic transactions.

Strategic Industry Collaboration

The European Payments Council, headquartered in Brussels, has played a pivotal role in developing and promoting the VoP service. Its contributions, including informative educational resources, have supported banks, businesses, and consumers alike in adapting to this new security framework. Meanwhile, Cypriot banks are actively implementing the necessary technical adjustments to ensure the service is accessible through all SEPA payment channels by October 2025.

A New Era of Secure Banking

This strategic move underscores the Cypriot banking system’s commitment to aligning with EU initiatives aimed at creating a unified, fast, and reliable payments market. By embedding advanced verification protocols into daily transactions, the industry not only protects its clientele but also sets a precedent for enhanced digital payment security across Europe.

The Future Forbes Realty Global Properties

by News Editor

August 24, 2026

Courts Are Still Applying Old Copyright Rules To AI

AI companies train models on enormous amounts of published material, including books, articles and academic research. Whether using that content without authors’ permission violates copyright law remains unresolved.

Much of the debate centres on fair use, which allows copyrighted material to be used without permission in certain circumstances. Courts consider factors such as the purpose of the use, how much material was involved and its impact on the original market.

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Anthropic Case Sets An Important Precedent

A major case involving Anthropic and a group of authors provided one of the clearest rulings so far. Judge William Alsup found that using copyrighted books to train AI models was lawful, comparing the process to people reading and studying literature before creating something new.

Anthropic was nevertheless ordered to pay $1.5 billion in a settlement. The penalty concerned books the company had obtained from illegal online libraries rather than the AI training itself.

For AI companies, that distinction could prove significant because it separates studying copyrighted material from directly copying it.

Competition Could Be The Key Issue

A case involving Thomson Reuters and Ross Intelligence offers a different perspective. A court ruled that Ross could not claim fair use after using Reuters’ copyrighted material to develop a competing AI-powered legal research platform.

The decision suggests courts may be less willing to consider AI training fair use when copyrighted content is used to build a product that directly competes with the original.

For authors, an unresolved question is whether AI-generated content should be considered competition for the works used to train these models.

The Law Has Yet To Catch Up

US copyright law predates generative AI by decades, leaving courts to apply old principles to new technology. Questions also remain over copyright protection for AI-generated works. In Thaler v. Perlmutter, a court ruled that material created entirely by AI cannot receive copyright protection.

Major AI companies remain involved in copyright litigation, and different courts could reach different conclusions. For now, there is no universal rule: the legality of AI training will depend on the circumstances of each case and how courts ultimately interpret copyright and fair use.