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Spain’s Iberpay has announced that the Spanish banking sector is now fully connected with the European Payments Council’s (EPC) One-Leg Out instant (OCT Inst) payments scheme.
“This milestone positions Spain as the first — and currently the only — European banking area fully connected to this innovative scheme,” said Iberpay.
In May, following approval from the EPC, Iberpay became the first payment system in Europe to process international instant transfers based on the OCT Inst scheme.
At the same time, Iberpay onboarded Santander as the first financial institution connected to OCT Inst, which began using Iberpay’s instant payment technology, standards and processing to enable instant cross-currency payments.
OCT Inst allows payment service providers (PSPs) in the SEPA area to process instant international transfers to and from countries outside the euro area. Transactions are typically executed in seconds and are processed 24/7/365.
The scheme also aligns with the G20’s roadmap and strategic goals on increasing speed, reducing costs and enhancing transparency and accessibility in cross-border payments.
“By adopting OCT Inst, the Spanish banking sector contributes to these critical global objectives, ensuring more efficient, optimised and seamless payment solutions worldwide,” said Iberpay.
