Iris Pay

Local payment services are no longer a novelty. Since the rise of Web 2.0 and the development of various online payment systems, online shopping has changed for good. Although many still prefer physical payment cards, more advanced banking options have proved things can be done differently. More conveniently and efficiently. Yet, with the same security level as standard bank transactions shielded with top-notch protection measures.

Here’s where localized payment options enter the stage. Not only can casino players choose different international digital banking services at online casinos, but they can also use different country-specific PSPs. Such financial services are top-rated among casino players. Why? Because they can pay with familiar options without setting up new accounts. Finally, gamers won’t incur additional costs from currency exchanges since they pay with their national currencies.

The main benefits of local payment options are obvious. However, when you hear that national banks join forces to create innovative payment services, things get exciting. This is exactly what happened in Greece.

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IRIS is a great example of how banks can improve online banking. The payment service was named after a Greek goddess of the rainbow and a messenger of the gods. Symbolically, the name should signify that IRIS combines the best of traditional banking and modern fintech solutions.

Read our article as we explain all about IRIS, including how to deposit at online casinos and if you can collect your winnings. And has the goddess really brought some colour in the Greek banking. Let’s get down to business.

About IRIS

IRIS is not a separate fintech company providing digital payment solutions. It’s actually a joint project of several Greek banks. DIAS INTERBANKING SYSTEMS S.A. was founded in 1989 and has developed the DIAS Payment System that facilitates domestic and cross-border interbank transactions.

DIAS has also introduced IRIS Online Payments related to A2A (account-to-account) transactions via mobile phone and computer. Moreover, it also developed IRIS e-commerce for online payments to various merchants.
The company’s shareholders are the most reputable financial institutions in Greece, including card networks and other legal entities. Here’s the list of some of them:
• Bank of Greece
• Eurobank
• Alpha Bank
• Citibank
• Piraeus Bank
• Epay

IRIS Online Payments is an online portal allowing users to send and receive money in real time using mobile numbers or scanning QR codes. They can also pay businesses if they know the tax identification number. It means that IRIS enables direct, instant transfers that are available 24/7. Yes, even though your bank doesn’t work round-the-clock, IRIS do. Greek citizens use IRIS to pay bills, shop at stores, or receive funds from family and friends. And Greek gamers use it to credit their casino accounts.

The daily limit you can send with IRIS is €500, regardless of number of transactions. On the other hand, there’s no limit on the amount you can receive.

IRIS has several services clients can use to make transactions: direct debit, instant money transfers, and RF/QR code payments.

Target Markets & Banks

It’s clear that IRIS is available only in Greece. This digital financial network includes the best-known Greek financial institutions. Although online casinos with IRIS in the cashier accept gamers from different countries, the IRIS payment method is only accessible to Greek gamblers.

Online casinos that want to attract Greek gamers should enable IRIS as it’s very popular in this country. The process of integration is straightforward. The iGaming sites need to contact associated banks to receive the necessary documentation to link the service to their financial platforms.

IRIS Account & Banks

Since IRIS is not an independent payment service but a more convenient way of digital banking supported by Greek banks, you don’t need an IRIS account. However, you need a bank account at one of the institutions supporting IRIS Online Payments.

The major participating banks offering IRIS include National Bank, Attica Bank, Piraeus Bank, Eurobank, Alpha Bank, and Viva Payment Services. Although you don’t need to register a separate IRIS account, you must enable online banking after you open a bank account. This is the main requirement, besides a bank account at the associated bank, to be able to make direct transfers with IRIS.

When you activate e-banking, select the account you want to connect with IRIS and find the service. For example, in the Piraeus Bank app, you should pick “IRIS Payment with mobile or TIN”. If you have more than one bank account, just repeat the steps when you wish to change the account linked to IRIS.

How to Deposit with IRIS?

IRIS casino deposits are the same as standard bank transfers. However, the main difference is they are much quicker and finished in a few steps. First, find the IRIS online casino and sign up or log in if you’re already a member.

Next, open the payments page and select IRIS to directly debit your account and send funds to your casino balance. Find your bank in the drop-down and log in to your e-banking. Approve the transaction and wait for confirmation from the casino that they received the funds.

How to Withdraw with IRIS?

Unfortunately, this section will be short. IRIS doesn’t support transactions of funds from casinos to your bank account. You’ll have to pick another withdrawal option. Usually, the best alternative is classic wire transfer, but you can also choose e-wallets if you prefer. Just check if the casino allows you to collect winnings with a different payment method.

Transfer Times, Fees, and Security

IRIS is so popular among Greek gamers as it enables real-time deposits from their bank accounts. When you verify the payment, the money will arrive in your casino balance within a few moments, a minute top. So, you benefit from speedy transactions executed in a highly-secure banking environment.

Still, the main drawback of IRIS is it doesn’t work for cashouts. But you don’t have to worry much. Online casinos will enable standard bank transfers or provide other convenient withdrawal methods you can choose instead. Also, timeframes are longer for cashouts as they depend on the casino’s pending policy and the time a PSP needs to clear the payout.

Although IRIS has no fees, banks generally cut some costs from your transactions. They are usually very low you won’t even notice them. Still, check with your bank which fee structure they have to avoid surprises. However, the good news is that online casinos don’t charge anything if you deposit with IRIS.

IRIS is a secure payment service developed by reputable banks. The company behind the project (DIAS) complies with Greek and European laws related to financial services. Moreover, the Bank of Greece directly controls DIAS, while the European Central Bank (ECB) oversees the company indirectly.