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Cyprus Embraces Instant Payments Revolution Starting January 9, 2025

by THEFUTURE.TEAM

December 30, 2024

Cyprus is poised to enter the era of instant payments on January 9, 2025, according to a press release from the Association of Cyprus Banks (ACB). From this date, interbank and cross-border transactions will be processed within 10 seconds, operating 24/7 across all banks in Cyprus and the SEPA zone—encompassing EU member states, the UK, and other participating countries.

A Leap Forward In Payment Speed

The ACB highlighted the transformative impact this change will have for bank customers. Transactions that currently take one to two days will soon be completed in a matter of seconds, irrespective of the destination country. This new system is set to cover all 27 EU member states and nine additional countries, ensuring seamless, real-time payment capabilities across the SEPA region.

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Enhanced Security Measures Under New Regulation

This advancement is being rolled out under the European Direct Payments Regulation, which mandates banks to enhance their digital systems with robust security measures. These safeguards are designed to prevent errors, combat fraud, and flag suspicious transactions effectively.

One notable feature is the “Verification of Payee”, slated for implementation by October 9, 2025. This provision ensures that payers can confirm the beneficiary’s name matches the provided IBAN before finalizing an instant payment. By offering this confirmation, banks aim to reduce errors and thwart fraudulent attempts.

Additionally, banks will individually determine the transaction limits for instant payments, as the regulation does not set a uniform cap.

Equal Fees And Optional Features For Convenience

Starting January 9, 2025, banks will also be required to ensure that fees for instant payments do not exceed those for standard transfers, leveling the playing field for customers.

To further enhance convenience, banks have the option to develop complementary services. One such innovation under consideration is a unified platform, potentially in the form of a mobile app. This tool would allow customers to send money instantly using a recipient’s phone number or email address instead of an IBAN. While still in the planning phase, this platform could be launched in mid-2025, provided development proceeds smoothly.

Aiming For Speed, Security, And Accessibility

The Association of Cyprus Banks emphasised that the goal of this regulation is to deliver faster, safer, and cost-effective payment solutions for individuals and businesses across SEPA countries. The initiative promises significant benefits without imposing higher fees than those of traditional bank transfers, marking a milestone in the evolution of digital banking in Cyprus and beyond.

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Only 1% Of Cyprus Farms Use Precision Farming Technologies

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

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Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.