Filenews 13 December 2021
As part of the strategy for faster, more flexible and efficient banking services, the Governor of the Central Bank of Cyprus (CET), Mr. Constantinos Herodotou, undertook a new initiative to find a solution to accelerate the process of collecting, identifying and updating data on customers and potential customers through client digital on-boarding & reviewing, with the voluntary participation of banking institutions based in Cyprus.
The implementation of the solution aims to help the actors of the real economy, i.e. businesses, self-employed and households, by reducing their time of involvement in banking operations 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.
The preparation by the technocrats of the CACT is already at an advanced stage, as well as the contacts with the commercial banks, while the design and study of the technological solution is in progress by the CKT. In the near future, the KKK will announce the tender for the award of the Project.
Specifically, in the project in question, following meetings of the Governor of the CCI to present the initiative to them, the Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank, the Cyprus Development Bank, Eurobank Cyprus and RCB decided to participate. All other licensed credit institutions operating under the supervision of the NCC will also be invited to participate in order to preserve equality and transparency.
Mr. Herodotou had referred to this initiative during his recent meetings with business and professional bodies, as well as the Chief Executive Directors and the Heads of Regulatory Compliance of the banks, which he had convened with the aim of the proper functioning of the financial sector and the efficient and fast service of the people and businesses.
With the completion of the Project, 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 to the entire banking system is expected to provide a comparative advantage to Cyprus over other countries.
Below is the relevant statement of the Governor of the KTK:
On the initiative of the Central Bank of Cyprus and in cooperation with Cyprus Banks, we are launching the creation of an internationally pioneering digital identification and updating system for banking customers.
With the completion of digital on-boarding, an important step will have been taken for the further modernization of the Cypriot banking system, which will contribute to the better service of citizens and businesses, which is our permanent and high priority.
I would like to warmly thank all those who participate in this initiative of the Central Bank of Cyprus, which is expected to be an international comparative advantage for the banking system and the real economy of our country.
