IRIS: Deadline for registration of freelancers until 30 June

Direct services (p. ) may prove a very useful solution for both citizens, so that they do not pay any commissions for electronic transactions and for freelancers, to pay an average of 50% lower commissions than alternative methods. The only available direct payment service to date, IRIS, is rapidly disseminated as a method of payment in Greece. The Minister of National Economy and Finance, Kostis Hatzidakis, was informed of the significant progress made so far during his visit to Interbank Systems (DIAS) SA, which offers the IRIS service. According to February 2024 figures: Overall, 2.4 million individuals have activated IRIS, 70% of which are 18-34 years old. 250 thousand freelancers have already activated the service. 30 times more transactions took place in January 2024, compared to January 2021, both between individuals and in transactions with professionals. More specifically, in January 2024, 3 million transactions were carried out between individuals and 25 thousand with professionals. On an annual basis, transactions triple between individuals and ten times with professionals. The meeting was attended by the Managing Director of DIAS S.A., Stavroula Kampouridou, the Deputy Governor of the Bank of Greece and President of the DIAS S.A., Christina Papakonstantinou. After the meeting, a short tour of the Minister of National Economy and Finance, Kostis Hatzidakis, followed at the company’s data center. It is noted from the Ministry of National Economy and Finance that in order to be informed and linked mandatoryly, as provided for in the law, the other freelancers and experts with systems, such as IRIS, are defined as a deadline on 30 June 2024 (the date should not be confused with the dates already applicable to the interconnection of POS with cash machines). A total of 850 thousand freelancers and professionals have the relative obligation. It is recalled that Law 5072/2023 introduced the obligation of free professionals and self-employed persons to link their business account to a direct payment system. As well as accepting direct payment from any natural person asking them. In addition, natural persons trading with another natural person providing services (free professional or self-employed) are entitled to request payment through a direct payment system. Non-acceptance of direct payments, after the deadline, by freelancers and self-employed persons brings an administrative fine of 1,500 euros. The activation of the service, either for individuals or professionals, is done through their Bank’s mobile app, with a very simple process. Payments are made only with the number of the recipient’s mobile or QR Code scan, via the Bank’s mobile app. To confirm transactions, the use of biometric data (reprint of the person or fingerprint) and confirmation of the recipient’s name before shipment is required. The money is credited within 2 seconds to the recipient, who is immediately informed about the transfer of the money, as well as the details of the sender. The IRIS service is already provided by 8 banks (Alpha, National, Eurobank, Piraeus, Co-operative Epirus, Viva, Optima, Attica) and is soon expected to expand to the Co-operative Karditsa and the Pagretia Bank. IRIS has 3 services: IRIS Person to Person: Direct transfer of money between private individuals, without commission (up to EUR 500/day). IRIS Person to Business: For payment to individual businesses or freelancers. The requirement is to register the professional with a professional bank account. Please note that the limit of 500 euros for the professional is per customer and not the total amount of money he can receive daily. The customer does not bear any charge for the service, while the fee for the professional is significantly lower than other payment methods. IRIS Commerce: For payment to electronic stores, without notification of payment information to the trader. The order is completed within a few seconds. At the same time, there is no amount limit and no registration is required for the customer. Kostis Hatzidakis, after the visit, said: “The popularity of direct payment services, such as IRIS, is not at all accidental! It is the most beneficial payment tool for both citizens and professionals. For citizens, because they do not pay any commissions in their transactions. And for professionals, because they’re leaving much less money than their pocket for supplies than other methods. That is, regardless of their obligation to activate the service, it is without doubt in their interest! A simple investigation is enough for the most skeptical. So those who attempt to make white black are already denied the mass spread of direct payments. And they will certainly continue to be denied. Because these cover the need of citizens for transactions easily and without supplies!”. The Secretary General for Finance and Private Debt Management, Godi Alabama, said: “The IRIS service responds to the modern banking era, offering an easy, immediate and extremely low cost to the liable person. Both the activation of the service and the daily transactions are carried out by the mobile phone, offering a real innovation in payments.”