IRIS will be mandatory for all businesses starting from March 2025

Minister of National Economy and Finance Kostis Hatzidakis announced yesterday [1], [2] that all businesses, without exception, will be required to connect to IRIS by March 31, 2025. Additionally, the deadline for all self-employed individuals and freelancers to connect is June 30, 2024.

Hatzidakis urged everyone to promptly install the application to avoid the € 1,500 fines stipulated by the law and to take advantage of lower commission rates.

Mr. Hatzidakis emphasized that Greece implemented the relevant European Regulation 2024/886 obligations concerning Person-to-person (P2P) and person-to-business (P2B) direct payments before issuance. The Regulation provides for the universal extension of the possibility of direct payments until October 2025. However, our country will proceed earlier – by March 31, 2025 – in this area.

Through IRIS, individuals can transfer up to €500 per day for free, and self-employed professionals can accept payments with a commission cost of approximately 0.5%.

According to the data presented, direct payments show a significant increase. The number of registered users of IRIS now exceeds 2.6 million, with over 405,000 registered since January. This is an increase of approximately 18.5% in four months.

Also:

• From the start of 2024 until April, there were 111,000 IRIS person-to-business transactions, marking a tenfold increase from the previous year’s 11,000.
• One-third of the self-employed and freelancers required to do so, totaling around 280,000 out of approximately 900,000, have already connected. Moreover, another 125,000 users have been added to the existing 150,000 as of 2023, marking an increase of about 80%.