A new player has entered the payments sector in Cyprus, launching a payment orchestration platform designed to cater to a wide array of businesses. This platform aims to provide sophisticated technology for financial transactions that addresses the needs of companies of all sizes.
The key objective of this platform is to offer secure and scalable solutions while also focusing on minimizing payment risks such as fraud. The Chief Operating Officer has highlighted that one of the main hurdles that businesses encounter is the management of multi-currency payments alongside maintaining strong security measures. The platform intends to streamline these processes by incorporating advanced fraud prevention techniques, intelligent routing capabilities, and improved approval rates for transactions.
As businesses today seek more than just basic payment processing, a partnership that comprehensively understands their unique challenges and delivers insightful support is essential. The platform is already in the process of onboarding clients and has assembled a workforce exceeding 100 individuals in its office located in Cyprus.
This new entrant is well-positioned to make a remarkable influence on the Cypriot payments landscape. With a focus on enhancing technology, the platform aspires to empower businesses to flourish in the increasingly digital economy. The current surge in sector activity, projected for 2024, reflects a dynamic market environment ripe for innovation and growth.
Moreover, Cyprus has recently undergone significant transformations in its banking framework, dramatically decreasing interbank and cross-border transaction times to just 10 seconds—a notable improvement from the previous duration of one to two days for such transactions. This advancement demonstrates the country’s commitment to enhancing its financial infrastructure.
As the payments industry in Cyprus evolves, this new platform is expected to contribute to the ecosystem, providing essential services and fostering a competitive environment. Its strategic insights and tailored support will help businesses navigate the complexities of modern payment systems while adapting to the rapid changes in the digital economy. With a promising outlook for growth, the future of payments in Cyprus appears both vibrant and innovative, inviting new opportunities for businesses and entrepreneurs alike.