Regulatory Information and Service Availability

Current availability

VIGESSA provides public product and service information. EUR payment accounts, named IBANs, acquiring, issuing and settlement are currently unavailable.

Cyprus and European framework

The Central Bank of Cyprus describes payment service licensing under the Provision and Use of Payment Services and Access to Payment Systems Laws of 2018 to 2025, which transpose PSD2. The Central Bank of Cyprus also publishes the electronic money licensing framework under the Electronic Money Laws of 2012 and 2018 and the official registers. The scope of any particular offer must be matched to the authorization, registration or passporting of the actual provider.

Responsible provider by service

Before live use, disclose the exact legal entity, supervisory authority, register reference, services and territories, applicable terms, fees, handling of funds and verified complaints route for the relevant account, transfer, acceptance, issuance or settlement service. Confirm any appointed intermediary and its scope.

Accounts, funding and transfers

The approved account or e-money issuer must be identified separately from any provider that supplies IBANs, receives funding or executes SEPA transfers. Confirm the role of each entity and its permitted services before publishing availability or onboarding information.

Merchant payments and cards

Identify the acquiring entity and its processor for checkout and settlement, and identify the issuing entity for any approved card service. The agreement must allocate transaction processing, safeguarding where applicable, chargeback handling and customer redress to the responsible parties.

Safeguarding and customer protection

Any statement about safeguarding, insolvency treatment, deposit protection or access to redress must be supported by the approved provider’s product and legal documents.

Approval and publication requirements

Identify and verify the website operator, the bank or EMI, payment service provider, acquirer, issuer and any other responsible party for each service. Obtain provider and legal approval before publication of a live offer.