This pivotal move is part of an initiative spearheaded by the Central Bank of Cyprus Governor Constantinos Herodotou. It underscores a strategic commitment to modernize the Cypriot banking landscape, promoting the delivery of quick, adaptable, trustworthy, and proficient banking services.

A comprehensive tender process unfolded in late 2022, seeking a technologically innovative solution. The tender aimed at fostering the development and execution of a platform that facilitates the remote digital onboarding processes intrinsic to credit institutions.

Marking a significant milestone in Q3 2023, the tender was triumphantly secured by the collaborative prowess of Infocredit Group Ltd & Aqubix Ltd. Their remarkable “CBC Digital Onboarding Platform” (Solution) emerged as the winning bid, heralding an era of digital transformation in customer onboarding practices. A structured agreement has been meticulously laid out, delineating the services to be rendered.

Infocredit Group Ltd’s CEO, Mr. Theodoros Kringou, articulated the transformative potential of the solution. He highlighted its capability to empower both new and existing customers of credit institutions. Customers can seamlessly verify, authenticate, and furnish compliance details without requiring a physical presence at banking institutions. The advent of this solution heralds the optimization of account opening procedures, promising customers a secure, swift, and exceptionally efficient onboarding experience.

Aqubix Ltd’s CEO, Mr. Kristoff Zammit Ciantar, conveyed that the project is navigating an advanced implementation phase. A phased deployment strategy has been envisioned, with the initial phase set for early 2024. This introductory phase is poised to revolutionize the onboarding of new customers and the refinement of existing customer data for Anti-Money Laundering (AML), Know Your Customer (KYC), and overarching compliance objectives.

A spirit of innovation and integration marks the subsequent implementation phases. Phase two envisions a seamless interoperability between credit institutions, local utility service providers, and government agencies. This synergy bolsters the verification processes and expedites the KYC protocols intrinsic to banking operations.

In the concluding phase, a transformative exchange of predefined customer data is anticipated amongst participating credit institutions. This innovative information-sharing paradigm is expected to fortify compliance mechanisms and streamline account transitions between varied credit institutions.

An engaging consultative process involving the Central Bank of Cyprus governor has fostered substantial support for the project. A consortium of eminent local banks, including the Bank of Cyprus, Hellenic Bank, Alpha Bank Cyprus, Astrobank Public Company Limited, the Cyprus Development Bank, and Eurobank Cyprus, have collectively affirmed their active participation in this ground-breaking initiative.