The deadline for connecting business accounts to the IRIS payment system is fast approaching, with Monday, September 2, marking the final day for professionals to comply.
The IRIS system allows freelancers and self-employed individuals to receive instant payments from their clients, offering significant advantages such as reduced or even zero transaction fees and rapid processing of payments.
The Independent Authority for Public Revenue (AADE) has issued a reminder to all professionals, emphasizing the importance of completing this process before the deadline.
Failure to comply will result in a penalty of €1,500. To date, approximately 400,000 professionals have registered with the service, with a notable increase in registrations in recent weeks.
IRIS provides a range of benefits for all involved.
For professionals, it ensures easy payment collection without the need for customer presence or additional equipment like POS terminals. Payments are credited to the business account instantly, within two seconds, even if the customer's bank differs from the professional's.
The service operates 24/7 and is accessed through the secure environment of mobile banking apps, utilizing biometric data for authentication.
The cost of using IRIS is minimal, ranging from 0% to 0.50% of the transaction amount, making it significantly cheaper than traditional POS transactions.
For customers, IRIS offers a free, fast, and secure alternative payment method that does not require an IBAN, card, or cash—just a mobile phone.
The government benefits from increased transparency, reduced tax evasion, and higher tax revenues, while banks can reduce cash handling costs and provide new digital solutions to their clients.
The service is now offered by 12 banks: Alpha Bank, National Bank of Greece, Eurobank, Piraeus Bank, Cooperative Bank of Epirus, Viva.com, Optima Bank, Attica Bank, Pancretan Bank, Cooperative Bank of Thessaly, Cooperative Bank of Karditsa, and Cooperative Bank of Chania.
Professionals can easily activate the service through their bank’s Internet Banking or Mobile Banking platform. During registration, they will generate a unique QR code for their business, which clients can scan to make payments. It is important to note that the IBAN linked to the service must be registered with the AADE’s Professional Accounts Registry via the myAADE digital portal.
The daily transaction limit through IRIS is set at €500 per customer, but professionals can receive multiple payments of up to €500 each day, allowing for substantial daily totals.
Professionals who have not yet registered are urged to do so before the deadline to avoid the hefty fine.