HFC’s digital transformation to be completed by 2023

Housing Finance Corporation

To this effect, the HFC’s internet banking services have been temporarily disabled until the work has been completed

The digital transformation of the Housing Finance Corporation, including to its internet banking services, is underway and scheduled to be completed by 2023, acting general manager Vassiliki Vassiliou said on Sunday.

To this effect, the HFC’s internet banking services have been temporarily disabled until the work has been completed, with relevant notices informing clients of the suspension, while customers can conduct money transfers through other means.

Every possible effort is being made to complete the upgrade of the electronic banking system soon, but this also depends on other factors, as this is being done in connection with the technological upgrade of the organisation, Vassiliou told the Cyprus News Agency (CNA).

Our goal is to be able to offer a model electronic banking system, she added, explaining that it remains to be seen whether the system and its services will be rolled out incrementally or as one new system as a whole.

Moreover, while a number of decisions have been taken regarding the digital upgrade, the HFC will announce all details once everything has been finalised.

This digital upgrade is a key priority for the corporation’s board of directors and the objective is for the project to be completed by 2023, Vassiliou said.

Meanwhile, Vassiliou also mentioned that the tender process for the outsourcing of the management of non-performing loans (NPLs) is currently in progress.

The outsourcing of the management of non-performing loans is directly affected by the progress to the amendment of the relevant legislation, which may require the licensing of the companies that will manage these loans, Vassiliou explained, adding that the HFC is making an effort to deal with its NPLs.

In addition, she also urged first-time borrowers who wish to settle their loan balances and protect their primary residences to submit an application for induction to the relevant home plan.

The plan, which has been approved by the European Commission and will remain in effect until the end of February of this year, aims to protect borrowers, including their primary homes, who were rejected from the Estia plan.

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