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How the Iris system works, which allows interbank money transfers even using only the recipient’s mobile phone number, is easy for those who use banking applications on their mobile phones to learn.
The Iris service operates via mobile phones, allowing users to transfer money instantly without fees, for amounts up to 500 euros daily. To transfer money via Iris, all one needs to do is have the app of the bank of their choice on their mobile phone, as well as the recipient’s phone number – as long as the Iris service has been activated in their bank’s mobile banking. Alternatively, one can use the TIN of the business in question, as the TIPS infrastructure is used to operate the service.
The money transfer process is instant, within a few seconds and the beneficiary of the payment is immediately informed of the completion of the transaction. The daily transaction limit is €500, while the Iris service is available and offered by the National Bank of Greece, Alpha Bank, Eurobank, Piraeus Bank and Viva.
Activating the IRIS system is very easy and is done through the application of the bank in which the user holds an account, without having to go to a branch.
How is Iris activated?
IRIS Payments is activated through the application of the bank with which the user cooperates. In the majority of apps, this feature is done through the “Settings” option and all that is required of the user is to select their IRIS-linked account.
How do I use Iris to send money to a friend?
From there, when someone wants to make a transaction via Iris, they simply select this option, after “transfer money.” They then select either from their phone’s phone book, or by typing a phone number, or the VAT number of the person or business they choose, and can transfer up to €500 per day.
Businesses are also required to accept payment via Iris, if the customer so wishes.
Essentially, Iris enables the payer to make purchases by direct debit from their bank account, using the internet banking of the bank they are collaborating with. The service supports the internet banking of Piraeus Bank, Alpha Bank, National Bank, and Eurobank, covering almost all internet banking users in Greece.
The process for paying via IRIS payments is as follows:
Selects the IRIS payments service as a payment method, through the merchant’s website.
Select “Create QR Code” to scan the QR from their mobile banking or select their bank and they will automatically be transferred to the bank’s secure e-banking environment.
He enters his bank’s environment and after his secure connection, you are informed of the payment details.
By giving his approval, he makes the payment by credit transfer from his bank account.
Completes the payment.
Automatic return of the customer to the company’s online store (eshop), where the transaction completion message appears.
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