Spanish banks CaixaBank, Banco Santander and BBVA have processed international instant payments with banks in Australia, New Zealand, Brazil and the United Kingdom.

This pilot anticipates the entry into force of the EPC’s new OCT Inst scheme in November.

Iberpay is positioned as the first instant payment system in the world integrated with the Swift GPI network to process cross-currency payments in seconds.

Iberpay, Swift and several international banks have successfully completed, between June 21 and July 7, the first pilot, in a real environment, to process instant payments between different monetary areas, with the objective of improving these payments in terms of speed, transparency, cost, availability and accessibility.

Iberpay and the first Spanish banks CaixaBank, Banco Santander and BBVA have launched this pioneering pilot service in Europe in anticipation to the official entry into force, on November 28^th, of the European Payments Council’s One-Leg-Out Instant Credit Transfer (OCT Inst) scheme, and with the aim of improving international payments, in line with the guidelines of several global organizations such as the G7, G20, Financial Stability Board (FSB), the Bank for International Settlements (BIS), the European Commission, the World Bank and the International Monetary Fund.

During this pilot phase of the service, dozens of instant payments originating from banks in other monetary areas (National Australia Bank, in Australia, and New Zealand Banking Group, Itaú Unibank of Brazil and Lloyds Banking Group, in the United Kingdom) have been processed and settled. These transactions were sent through Swift’s GPI service and credited to the beneficiary customer's account in seconds, thanks to the delivery of the payment through Iberpay’s instant credit transfers service.

This pilot initiative, first world-wide, has included the integration of Iberpay’s real-time and 24x7 instant credit transfer platform with the Swift GPI tracker, providing end-to-end visibility of the payment status and greater transaction’s transparency.

Principio del formulario

The key advantages of this initiative encompass the possibility of processing international payments instantly and around the clock, as well as the end-to-end traceability of these payments. These features contribute to an improved customer experience, the introduction of new use cases and the development of innovative services that contend with new players within the payments sector.