Spain has become the first EU market to fully implement the European Payment Council’s (EPC) OCT Inst (One-Leg Out Instant Credit Transfer) scheme, enabling instant cross-currency payments for international transfers.
The onboarding of the Spanish banking community follows pilot trials in mid-2023 involving key players such as CaixaBank, Santander, BBVA, Swift, Iberpay, and other international institutions. This marks a major milestone in the evolution of seamless cross-border payments.
OCT Inst facilitates instant account-to-account credit transfers for transactions entering or exiting the geographical scope of the Single Euro Payments Area (SEPA), focusing exclusively on the euro leg of these transfers. It promises faster execution, cost transparency, and improved traceability of payment status, addressing critical inefficiencies in global financial transactions.
While the scheme officially launched in November 2023, its full roll-out was delayed due to the postponement of ISO 20022 migration for SEPA schemes. With the Spanish market now leading adoption, the infrastructure is primed for expansion across other EU markets.
Juan Luis Encinas, CEO of Iberpay, emphasized the scheme’s potential: “Providing the infrastructure for international cross-currency instant transfers enables Spanish banks to offer innovative services, enhance the customer experience, and remain globally competitive.”
This development positions Spain at the forefront of payments innovation, reflecting a broader push for interconnected, real-time global payment systems.