The new era of instant payments in Greece is now a reality. As of today, December 1st, 2025, all businesses operating in Greece are required to have their POS systems connected to the IRIS payment system. Failure to comply results in significant penalties, which are imposed immediately by the Independent Authority for Public Revenue (AADE).
💡 What Applies as of Today
According to the relevant decision of AADE, businesses that have not completed their connection to IRIS are subject to the following fines:
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€10,000 fine for businesses keeping single-entry (simplified) accounts
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€20,000 fine for businesses keeping double-entry accounting books
This obligation applies to all businesses that operate POS terminals or carry out electronic transactions with customers. Every professional must now be able to accept payments via IRIS, either through POS terminals or via QR code, which customers scan directly from their banking application.
⚙️ How IRIS Works
IRIS is an instant interbank payment system that enables real-time money transfers with minimal or zero transaction fees.
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Immediate crediting of funds to business bank accounts
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Full transparency and transaction traceability
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Facilitated tax audits and compliance
ΑΑΔΕ now has the ability to monitor in real time which businesses have complied and which have not, proceeding with the immediate imposition of penalties in cases of non-compliance.
💰 Transaction Limits and Fees
Currently, the following daily limits apply for IRIS transactions:
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1.000€ €1,000 for general transactions
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500€ €500 for peer-to-peer (P2P) and person-to-business (P2B) payments
P2P transactions are completely free of charge, while payments to businesses are subject to a low bank fee (0.2% – 0.5%), significantly lower than card transaction fees, which can reach up to 2%.
As of January 2026, the limits will increase as follows:
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IRIS P2P: up to €1,000 per day and €5,000 per month
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IRIS P2B: up to €1,000 per day and €31,000 per month
🌍 Expansion Across Europe
Within 2026, IRIS will be connected to the European EuroPA network, enabling instant cross-border payments in real time.
The initial rollout will include countries such as: Italy, Spain, Portugal, Poland, as well as the Scandinavian countries of Norway, Sweden, Denmark, Finland, and Andorra. This development will allow Greek businesses to send and receive payments within seconds, reducing both costs and transaction settlement times across Europe.
🧭 What It Means for Businesses
Mandatory participation in IRIS marks a significant step in the digital transformation of financial transactions in Greece.
Businesses that have already adapted benefit from:
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Immediate liquidity through real-time payments
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Significantly reduced transaction costs
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Improved tax compliance and transparency
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A strong competitive advantage in a rapidly evolving market
Athens Financial Services (AFS) stands alongside every business, providing practical and reliable guidance to ensure full compliance with the IRIS framework.
📞 Contact our team to make sure your business operates smoothly, avoids penalties, and fully leverages the capabilities of the IRIS payment system.
AFS – Supporting every modern business at every step of its digital transformation.
