Wednesday, June 12, 2024
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Santander and Iberpay in Spain join EPC’s OCT Inst scheme as inaugural participants

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.

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