Moves to make banking faster

As part of the strategy to create faster, more flexible and efficient banking services, the Governor of the Central Bank of Cyprus (CBC), Mr. Konstantinos Herodotou, has taken a new initiative to find a solution to speed up the process of collecting, identifying and updating data for customers through digitization (client digital onboarding & reviewing), with the voluntary participation of banking institutions based in Cyprus.

The implementation of the solution aims to help businesses, the self-employed and households, reduce their time involved in banking and significantly upgrading the speed and quality of their service.  This development will also improve the efficiency of banking services, in compliance with the relevant European regulations.

Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank, Cyprus Development Bank, Eurobank Cyprus and RCB all have decided to participate in the project. All other licensed credit institutions operating under the supervision of the CBC will also be invited to participate, in order to preserve equality and transparency.

After the project is completed, an important step will have been taken for the further modernization of the Cypriot banking system that will contribute to the better service of citizens and businesses and will provide further support to the real economy.

The implementation of such a solution in the entire banking system is expected to provide a comparative advantage in Cyprus over other countries.