The Central Bank of Cyprus, in its capacity as chair of the SWIFT National User Committee, held a high-level online meeting with SWIFT and Cypriot financial institutions to discuss key developments affecting payments at global and regional level. The session brought together 45 representatives and focused on the transition to the ISO 20022 messaging standard, including timelines, operational readiness and strategic implications for cross-border and domestic payments. SWIFT also presented its approach to supporting the SEPA Validation of Payee initiative, which aims to strengthen payment integrity and reduce fraud through payee verification, alongside broader industry work on improving payment speed and transparency and updates on regulatory compliance, financial crime controls and anti-fraud tools. The next EEX SWIFT meeting is scheduled for the fourth quarter of 2025 at the Central Bank of Cyprus building.
Central Bank of Cyprus 2025-06-23
Central Bank of Cyprus convenes SWIFT user committee meeting on ISO 20022 migration and SEPA Validation of Payee
The Central Bank of Cyprus, as chair of the SWIFT National User Committee, convened an online meeting with SWIFT and Cypriot financial institutions to discuss the transition to the ISO 20022 messaging standard and its implications for payments. The meeting also covered SWIFT's support for the SEPA Validation of Payee initiative and updates on payment speed, transparency, regulatory compliance, and anti-fraud measures.