Nicosia, Cyprus. Bank of Cyprus said it has been awarded the Bank of New York’s STP AWARD 2025 for a fourth consecutive year, citing the quality of its procedures for fund transfers via the SWIFT system.
Award and processing rate
Bank of Cyprus said the award recognises that 98 per cent of payments were processed as Straight Through Processing, without the need for any non-automated intervention by the Bank of New York.
Correspondent banking relationship
The Bank of New York is among the correspondent banks with which Bank of Cyprus cooperates for US dollar transactions, according to the announcement.
Comment from Bank of Cyprus
BoC Treasury Director Despina Kyriakidou said the Bank of New York ranks among major US financial institutions with worldwide operations. She said receiving the award reflects the bank’s standards and the trust placed in the group by an international organisation. Kyriakidou added that the collaboration enhances the banking and financial services Bank of Cyprus provides to business, institutional and individual clients in Cyprus and internationally.
What do you think this award indicates about Bank of Cyprus’s SWIFT fund transfer procedures?