IRIS: Extension until August 31 for IRIS login for self-employed and freelancers

The deadline to link the business accounts of freelancers and entrepreneurs to the IRIS direct payment system has been extended until August 31.

It is noted that instant payment services are a very useful solution for citizens to pay no fees at all for electronic transactions and for freelancers to pay 50% lower fees on average compared to point-of-sale transactions. The only instant payment service available so far, IRIS, is rapidly spreading as a payment method in Greece. The login process is very simple and a freelancer can do it himself in just a few minutes.

According to the latest data:

• To date, 400,000 professionals have registered in the system (more than 180,000 registered this year) out of a total of approximately 800,000 professionals required to be contacted.
• The largest number of connections was recorded on June 27, with 5.9 thousand new registrations.
• From the beginning of the year to June 27, 191,416 transactions were carried out via IRIS P2B, a number 11 times higher than last year.
• During the same period, the value of these transactions amounted to 14.2 million euros, recording a value ten times higher than last year.
• The product is now offered by 10 banks and it is expected that two more banks will be added during the year, bringing the total number to 12.
• It is noted that in IRIS P2P (for transferring money between friends) the average number of transactions per day reached 120 thousand transactions and on May 31 it reached 180 thousand transactions.

Easy activation

The service, whether for individuals or professionals, is activated through the bank’s mobile application, with a very simple process. Payment is made only using the recipient’s mobile phone number or scanning the QR Code, via the bank’s mobile application. Transaction confirmation requires the use of biometric data (face or fingerprint) and verification of the recipient’s name before sending. The funds are credited within two seconds to the recipient, who is immediately informed of the money transfer, along with the sender’s details.

IRIS has 3 services:

1. IRIS from person to person: Direct money transfer between individuals, without commission (up to 500 euros per day).
2. IRIS from person to company: To pay for sole proprietorships or freelancers. The basic requirement is to register the professional with a professional bank account. It should be noted that the maximum of 500 euros for the professional is per client and not the total amount he can receive per day. The client is not charged for the service, while the professional’s commission is much lower compared to other payment methods.
3. Iris Trade: To pay in online stores, without sharing payment details with the merchant. The order is completed in a few seconds. At the same time, there is no maximum amount and no registration is required for the customer.

It is noteworthy that Law 5072/2023 stipulates that self-employed people and self-employed workers are obligated to link their professional accounts to the direct payment system. As well as accepting immediate payment from any natural person who requests it. Natural persons who deal with another natural person who provides services (self-employed or self-employed) also have the right to request that payment be made through the direct payment system.

In the coming period, AADE will initiate progressive notification to obligated non-affiliated freelancers in order to complete the process by the deadline.

Finally, it should be noted that failure to accept direct payments, after the deadline, by freelancers and self-employed persons results in an administrative fine of 1,500 euros.