Santander and Iberpay have processed the first international instant transfers based on the EPC’s One-Leg Out (OCT Inst) scheme.
The scheme allows payment service providers (PSPs) in the SEPA area to process instant international transfers from and to countries outside the euro area, in just a few seconds. It is available 24x7x365, avoiding differences between time zones worldwide. It leverages existing instant payment standards and systems in Europe and is based on the EPC’s SCT Inst scheme. The system significantly improves the customer’s user experience. It facilitates the creation of new use cases and enables the development of highly innovative payment services that compete with new players in the international payments sector.
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OCT Inst: streamlining international payments
The One-Leg Out (OCT Inst) scheme has been designed to enhance and streamline international payments that require currency exchange in terms of speed, availability, cost, accessibility, and transparency. This is in line with the strategy and roadmap set by the G20 and other international organisations such as the European Commission, the World Bank and the International Monetary Fund.
The service provided by Iberpay is based on the same technology as instant credit transfers in euros (SCT Inst scheme). This corresponds with over 53% of all credit transfers processed in Spain. With the new operational procedure implemented, transfers will be accelerated significantly. Benefits include the ability to process international payments in seconds and 24×7, greater transparency of information and end-to-end payment traceability.
OCT Inst Scheme: a key strategic milestone for European payments
Juan Luis Encinas, CEO of Iberpay, said “The implementation of the One-Leg Out (OCT Inst) scheme marks a key strategic milestone for payments in Europe. It reinforces Iberpay’s strategic position as one of the most advanced payment systems. And it demonstrates our commitment to significantly improve international payments between different currencies in terms of processing speed, 24×7 operation, information transparency, accessibility, and cost reduction. It also improves the experience for their customers, and strengthen their competitiveness in the global payments industry.”
Jaime Uscola, Director of Enterprise Products, International Business and Payments at Santander Spain, said: “We are proud to be pioneers launching this innovative service, making it available to our customers and adapting to their needs. Santander is committed to advancing and taking all necessary steps in order to evolve in international instant payments. Adapting our offerings to the needs of all our clients is a clear example of that commitment.”
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