Bank of Cyprus secures international award for high-standard payment systems

The Bank of New York has awarded the Bank of Cyprus (BoC) with the ‘STP AWARD 2025’ for a fourth consecutive year, in recognition of the high-quality procedures the bank follows in the area of fund transfers via the SWIFT system, according to its announcement.

In this context, the Bank of New York is one of the correspondent banks with whom BoC cooperates for US dollar transactions.

The award was awarded to the bank in recognition of the fact that 98 per cent of payments were Straight Through Processing, without the need for any non-automated intervention on the part of the Bank of New York.

Commenting on the distinction, BoC Treasury Director Despina Kyriakidou stated that “Bank of New York ranks among the major US financial institutions with worldwide operations”.

She added that “receiving this award reflects the high standards followed by our bank”.

At the same time, she noted that it reflects “the trust that an international organisation places in our group.”

“Our collaboration with the Bank of New York further enhances the banking and financial services we provide to business, institutional, and individual clients in Cyprus and internationally,” Kyriakidou concluded.