Central Bank of Cyprus Focuses on Payment Sector Developments

The Central Bank of Cyprus (CBC), chairing the National User Group (NUG) SWIFT, hosted a high-level online meeting on June 20, 2025, focusing on developments in the payment sector. The meeting included 45 representatives from financial institutions in Cyprus and SWIFT.

According to the CBC's announcement, discussions centered on the transition to the ISO 20022 standard, SWIFT's approach to SEPA VoP (Validation of Payee), payment speed and transparency, as well as issues of financial crime and regulatory compliance.

Participants exchanged views on the timelines and operational implications of the ISO 20022 transition, while SWIFT presented its support for the SEPA VoP initiative, which aims to reduce fraud.

Furthermore, innovations to improve transaction speed and transparency were mentioned, as well as the latest developments in regulatory requirements and tools to combat fraud.

The CBC expressed its gratitude to SWIFT and the participants for their cooperation. The next NUG SWIFT meeting is scheduled for the fourth quarter of 2025 at the CBC building.