Overview:
- Participants: Spanish banking giant Santander and payment services firm Iberpay.
- Scheme: One-Leg Out (OLO) Instant Credit Transfer (OCT Inst) by the European Payments Council (EPC).
- Objective: Facilitate international account-to-account (A2A) payments across different currencies.
- Launch: First went live in November.
Roles and Responsibilities:
- Iberpay:
- Role: OCT Inst Processor.
- Functions: Provide infrastructure and services for processing international cross-currency instant transfers.
- Additional Role: Clearing and settlement mechanism (CSM) through Santander.
Achievements and Plans:
- First Transactions: Completed the first international instant transfers via OCT Inst this month.
- Full Service Adoption: Set for October among Spanish banks.
- Connection Timeline: Remaining banks to connect to Iberpay’s service in the coming months.
Comments from Executives:
- Juan Luis Encinas, CEO at Iberpay:
- Emphasized offering innovative services to enhance customer experience and competitiveness.
- Aimed to improve international cross-currency payments in speed, 24×7 operation, transparency, accessibility, and cost reduction.
- Giorgio Andreoli, Director General of the EPC:
- Highlighted OCT Inst’s role in making a multilateral scheme-based approach available globally.
Public Consultation:
- Invitation: EPC is inviting stakeholders to engage with the public consultation on OCT Inst.
- Deadline: Consultation closes on June 9.
