Greece is a market where electronic payments became routine in a short time after the 2015 capital controls restricted cash withdrawals. Building on that shift, IRIS, the instant transfer service from interbank infrastructure operator DIAS, is spreading beyond peer-to-peer transfers into e-commerce payments, and the Greek government is also actively encouraging merchant adoption of IRIS as a matter of policy. Its defining feature is that payment completes using only a bank account and a mobile banking app, with no card required.

For online businesses whose primary customers are local Greek consumers -- especially merchants that don't want to miss the segment accustomed to bank transfers (users who already handle bills and remittances through IRIS) -- it's worth considering placing IRIS at checkout alongside cards and wallets. Because the deposit is confirmed immediately upon approval, it also pairs well with booking-confirmation-type services.

When a consumer selects IRIS at checkout, they are taken to their mobile banking app to check the amount and approve it, and this bank app login and biometric authentication step naturally satisfies the strong customer authentication (SCA) required by PSD2. The instant transfer executes upon approval, so the merchant receives real-time notification of the deposit, and the funds are then received by Hecto Financial in euros (EUR) and move into the settlement process.

Integrating through Hecto Financial lets a Korean corporation consider accepting IRIS without a local Greek entity or a local bank account. However, since IRIS is a method tied to Greek banking infrastructure, actual support availability and conditions (settlement cycle, fees, currency options) vary by industry and transaction volume, so confirmation with Hecto Financial's sales team before contracting is required.

• Business registration country

  Confirm contract eligibility based on domestic business status

• Sales channels

  The integration method and priority vary depending on your online sales channel mix, such as your own store, open marketplaces, or mobile apps

• Product categories handled

  Advance confirmation is needed to check whether your business falls under IRIS's restricted-industry policy

• EU regulatory compliance

  Confirm compliance with EU payment regulations such as PSD2 and SEPA (see the official sources below)

Funds generated via IRIS are received locally by Hecto Financial in euros (EUR) and, after conversion, settled to the Korean merchant in whichever of USD, KRW, or JPY is selected under the contract. Because instant transfers have no chargeback process like cards, refunds are processed as a return transfer initiated by the merchant, so be sure to confirm the refund processing deadline and operating procedure at the contracting stage.

• Bank of GreeceOfficial information on Greece's payment system and related regulations. If this page's content differs from actual regulations, the official source takes precedence.