A new era of instant payments is coming to Greece. Starting November 1, 2025, all businesses in the country will be required to connect their POS systems to the IRIS instant payment network. Those failing to comply will face significant fines.

💡 What Changes

According to the Independent Authority for Public Revenue (AADE), businesses that do not connect on time will incur:

• €10,000 fine for those using single-entry accounting books,

• €20,000 fine for those using double-entry systems.

This requirement applies to all businesses that use POS systems or accept electronic payments. From November onwards, every business must be able to receive payments via IRIS, either directly through POS or via a QR code that customers can scan through their banking app.

⚙️ How IRIS Works

IRIS is an instant interbank payment system, enabling customers to transfer funds to businesses in real time, with minimal or zero fees. Payments are credited immediately to the merchant’s bank account, enhancing liquidity, transparency, and traceability, while making tax compliance easier.

The AADE will be able to monitor compliance in real time, identifying businesses that have not yet activated the service and issuing fines accordingly.

💰 Transaction Limits and Fees

Currently, the daily payment limits via IRIS are:

• 1.000€ €1,000 for general transactions

• 500€ €500 for peer-to-peer (P2P) and person-to-business (P2B) payments

Transfers between individuals are free of charge, while payments from customers to businesses carry a minimal fee (0.2%–0.5%), much lower than traditional card fees that can reach up to 2%.

Starting January 2026, limits will increase to:

• P2P: €1,000 daily / €5,000 monthly

• P2B: €1,000 daily / €31,000 monthly

🌍 European Expansion

By mid-2026, IRIS will connect to the EuroPA network, enabling instant cross-border payments across Europe. The system will initially include Italy, Spain, Portugal, Poland, and Nordic countries such as Norway, Sweden, Denmark, Finland, and Andorra.

This integration will allow Greek businesses to send and receive funds in seconds, significantly reducing transaction costs and transfer times across the EU.

🧭 What It Means for Businesses

The mandatory adoption of IRIS marks a major step toward Greece’s digital financial transformation. Businesses that adapt early will benefit from:

• Immediate liquidity through real-time payments

• Μειωμένο κόστος συναλλαγών

• Enhanced transparency

• A competitive edge in an evolving digital marketplace

At AFS, we support every business in navigating this transition smoothly — offering guidance, implementation support, and compliance strategies to help you fully leverage the potential of IRIS while avoiding penalties.

📞 AFS – Empowering digital transformation for modern businesses.