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IBAN no longer needed for everyday transfers under new Cyprus payment plan
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Fusion42 · 31 August 2026 · Fusion42 review
Cyprus plans to launch an instant payment system by early 2027 that allows bank customers to transfer money using only mobile phone numbers, removing the need for IBANs in everyday transactions. Major Cyprus banks and JCC Payments will focus on technical and security details in a key September meeting ahead of implementation.
This Wire brief sits within Fusion42's coverage of Fintech.
◆ ◆ The Wire takeaway
Cyprus is simplifying bank transfers by removing IBANs and relying on phone numbers, opening a new way for you to build user-friendly payment experiences that fit everyday life. Start engaging with banks now to align your fintech product with this real-time, mobile-first shift.
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1 source · 31 Aug 2026
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