Cyprus is a euro-area member inside the SEPA schemes' scope, with its own domestic payment systems described by the Central Bank.
Cyprus's place in SEPA and the domestic payment systems the Central Bank describes.
Cyprus appears in the EPC list of countries and territories within the SEPA schemes' geographical scope (version 8.0, issued 24 December 2025).
The ECB lists Cyprus among euro-area countries, with euro adoption in 2008.
The Central Bank says Cyprus completed migration to SEPA credit transfers and direct debits before the 1 August 2014 deadline, under a 2014 national SEPA implementation law.
The Central Bank is a participant in and operator of TARGET-CY, Cyprus's component of the Eurosystem's TARGET services; T2-CY (the RTGS component) is used by credit institutions in Cyprus, the Cyprus SEPA direct debit system, the cheque clearing house and JCC Cards.
The Central Bank describes JCC Payment Systems Ltd as owning and operating the JCC Cards payment system, clearing and settling card transactions issued under Visa, Mastercard and Diners Club licences; the Cyprus SEPA direct debit system settles in T2-CY.
The Central Bank states that one real-time gross settlement system, three retail payment systems and one securities settlement system operate in Cyprus.
The Cyprus IBAN has 28 characters; the Central Bank notes IBAN can be applied not only by banks but also by e-money institutions and payment institutions, and that from 1 February 2016 only the payee IBAN is required for SEPA credit transfers and direct debits.
EPC List of SEPA Scheme Countries v8.0 — European Payments Council
Euro area countries — European Central Bank
Single Euro Payments Area — Central Bank of Cyprus
TARGET Services — Central Bank of Cyprus
Retail Payment Systems — Central Bank of Cyprus
Financial Market Infrastructures — Central Bank of Cyprus
International Bank Account Number (IBAN) — Central Bank of Cyprus
Fact sheet last reviewed 2026-09-28. Jurisdiction rules are confirmed against the sources above; a provider's own requirements differ and are confirmed by the provider.
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The Central Bank says Cyprus completed migration to SEPA credit transfers and direct debits before the 1 August 2014 deadline, under a 2014 national SEPA implementation law.
The Cyprus IBAN has 28 characters; the Central Bank notes IBAN can be applied not only by banks but also by e-money institutions and payment institutions, and that from 1 February 2016 only the payee IBAN is required for SEPA credit transfers and direct debits.
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