(18 November 2024 – Europe) The Spanish banking sector has become the first in the EU to implement instant cross-currency payments under the European Payment Council’s OCT Inst (One-Leg Out) Instant Credit Transfer scheme.
Following pilot trials in June 2023 with CaixaBank, Santander, BBVA, Swift, Iberpay, and several international banks, the entire Spanish banking community has now fully adopted the scheme.
OCT Inst facilitates cross-currency payments by enabling instant account-to-account credit transfers for both incoming and outgoing international transactions. It is the EPC’s first scheme dedicated exclusively to managing the Euro leg of international instant credit transfers within or beyond the SEPA region.
The initiative aims to expedite the execution of international payments, provide greater transparency regarding costs, and enhance traceability of payment statuses.
While the scheme officially launched in November 2023, the delayed migration to ISO20022 standards for all SEPA schemes required Payment Service Providers (PSPs) and Clearing and Settlement Mechanisms (CSMs) to adjust their operational timelines.
Discussing Santander’s role as the first Spanish bank to onboard the scheme in May, Juan Luis Encinas, CEO of Iberpay, stated: “Providing the infrastructure and services necessary for processing international cross-currency instant transfers is a significant step forward for Iberpay, enabling our banks to offer new innovative services, to improve the customer experience and to remain highly competitive in the global payments industry.”