Oropay, a dynamic electronic money institution, proudly announces a significant extension of its license by the Central Bank of Cyprus. This extension, a pivotal development in Oropay’s growth story, enhances its service offerings under Services 3 and 5 as defined by the Electronic Money Law of the Republic of Cyprus.
Service 3 encompasses the execution of various payment transactions, including direct debits, credit transfers, and payments via payment cards. Service 5, on the other hand, covers the issuance of payment instruments and acquiring of payment transactions. This expanded licensing scope marks a new era for Oropay, enabling the institution to provide more comprehensive financial services.
With this license extension, Oropay is poised to offer its clients an elevated level of service, including the issuance of IBANs as account identifiers. This move opens doors for Oropay to apply for indirect or direct participation in SEPA schemes, issue its own cards, and seek principal membership for acquiring services.
“This license extension is a monumental breakthrough for Oropay and symbolizes the culmination of relentless efforts that began in early 2020,” stated Panagiotis Konstantinou, CEO of Oropay. “In close collaboration with the Central Bank of Cyprus, our team has proven our readiness to deliver the highest level of financial services, representing the Cyprus financial industry with pride and excellence.”
This achievement not only enhances Oropay’s service portfolio but also reinforces its commitment to upholding the highest standards in financial services. As Oropay continues to expand its capabilities, it reaffirms its position as a leading institution in the electronic money sector, dedicated to innovation and customer satisfaction.