In a recent initiative spearheaded by the Governor of the Central Bank of Cyprus, Constantinos Herodotou, a competition successfully concluded to modernize the Cypriot banking system, focusing on quick, flexible, reliable, and efficient banking services. This competition centered around selecting a technological solution to create a platform for the electronic, remote submission and identification (or update) of customer details by credit institutions.

The project, set to unfold in three phases, aims to substantially enhance the speed and quality of services for businesses, self-employed individuals, and households:

Remote Electronic Submission & Identification: This phase focuses on digitally onboarding new clients and updating existing ones, offering a user-friendly process eliminating the need for physical presence.

Connection to State Services: Banks will integrate with government services to obtain complementary customer identification data, streamlining the 'Know Your Customer' (KYC) process. This phase's implementation will depend on the availability of such services by the providers.

Information Sharing: Participating credit institutions will share verified customer data, enabling seamless account transfers upon a customer's request.

Several major banks, including Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank Public Company Limited, Cyprus Development Bank, and Eurobank Cyprus, have confirmed their participation, following consultations with the Governor of the Central Bank of Cyprus.

Adoption of this digital solution is voluntary. In light of this, the Central Bank of Cyprus encourages all operating credit institutions in Cyprus to participate in the project, emphasizing its potential to further modernize the Cypriot banking sector and simplify procedures for all stakeholders.