Bank of Cyprus has become the recipient of the prestigious STP AWARD 2025 for the fourth consecutive year, awarded by Bank of New York for flawless quality of international money transfer procedures via the SWIFT system. This latest recognition from one of the largest financial institutions in the United States highlights the resilience of the Cypriot bank’s operational processes and its compliance with strict international standards.
High level of payment automation
According to Bank of Cyprus, 98% of all transactions were processed in the standard automated mode without the need for manual intervention by Bank of New York. This figure is considered one of the key indicators of the efficiency of cross-border settlements, as it directly affects the speed of fund crediting, the reduction of operational risks, and payment transparency. At a time when the global banking system is placing emphasis on digitalization and automation, such results are of particular importance for clients and partners.
Strategic partnership in dollar operations
Bank of New York is among the main correspondent banks through which Bank of Cyprus carries out settlements in US dollars. This cooperation enables the Cypriot bank to provide stable and reliable dollar transfers for businesses and individuals, despite the tightening of compliance requirements and international payment regulations. Support from such a partner strengthens Bank of Cyprus’s position in the international financial arena.
Trust of the global financial market
The Director of Treasury of Bank of Cyprus, Despina Kyriakidou, noted that Bank of New York is one of the largest financial institutions in the United States with a global presence. According to her, receiving the STP AWARD reflects not only the bank’s high internal standards but also the level of trust that the international organization places in the Bank of Cyprus Group. She emphasized that this cooperation directly contributes to improving the quality of banking and financial services provided to corporate, institutional, and private clients both in Cyprus and abroad.
The significance of the award for clients and the market
Against the backdrop of ongoing changes in the global financial system and the growth in international settlement volumes, the STP AWARD 2025 confirms Bank of Cyprus’s ability to provide fast, secure, and technologically sound SWIFT transfers. For clients, this means more predictable payment processing times and a high level of reliability, and for the bank itself, it reinforces its reputation as one of the leading financial institutions in the region.