Spanish companies Iberpay and Santander have become the first participants to join the European Payment Council’s new OCT-Inst program for faster international account-to-account payments.
The One-Leg Out (OLO) Instant Credit Transfer (OCT-Inst) program promises to bring the benefits of Sepa to international payments.
OCT Inst is a cross-currency payment system designed to support the processing of inbound and outbound international instant account-to-account transfers. It is the first EPC system to exclusively cover the euro portion of international instant transfers entering or leaving Sepa’s geographical scope.
This is intended to ensure faster execution of international payments, more cost transparency and better traceability of payment status.
The system went live in November, but the postponement of the ISO20022 migration for all Sepa systems led to PSPs and clearing and settlement mechanisms (CSMs) rescheduling the start of operations.
Now Iberpay is ready to act as the first CSM for OCT-Inst transactions through Santander and will also participate in the program as a processor.
Giorgio Andreoli, General Director of EPC, said: “We are proud to introduce this innovative system at the right time, as we believe it fits well with market needs and policy objectives and has the potential to revolutionize and transform international instant payments “to create a multilateral system.” systems-based approach available to a multilateral world.”
Juan Luis Encinas, CEO of Iberpay, added: “Providing the infrastructure and services necessary to process international instant transfers in various currencies is a significant step forward for Iberpay, allowing our banks to offer new innovative services, to improve the customer experience and remain highly competitive in the global payments industry.