Instant Credit Transfers

The Instant Credit Transfers Subsystem

In November 2017, Iberpay launched the interbank infrastructure to process and settle SEPA Instant Credit Transfers (SCT Inst), to send and receive credit transfers between payment accounts in real time and 24x7, ordered and received to and from any country in the SEPA area.

Iberpay's Instant Credit Transfers Subsystem is fully compliant with the SEPA Instant Credit Transfers Scheme Rulebook (SCT) of the European Payments Council (EPC).

To provide participating entities with full reachability in the SEPA area, Iberpay offers interoperability links with the pan-European services: EBA Clearing's RT1 and the European Central Bank's TIPS service. 

A total of 107 entities have adhered to this service, representing over 99% of the market share of retail payments in Spain.

The main characteristics of this service are:

• Real-time processing and availability 24x7x365.
• Maximum execution time of 20 seconds (time-out) to process the transaction.
• Instant availability of funds to the beneficiary's account.
• Maximum amount of €100,000 per transaction.
• Messages exchanged based on the ISO 20022 standard.
• Functionalities for settlement-related risk management for entities through the information system (eCICLOM).
• Online information on availability of entities, reporting exceptional situations when a participating entity is not available.

Services

Entities may use any of the following services to process and settle their SCT Inst:

1. ASI6 service: for real-time processing and settlement of SCT Inst.
   
2. Link with TIPS service: connection with the Eurosystem's TIPS service for processing and settlement of SCT Inst in real-time. This services provides access to over 1.450 entities participating in TIPS. More information
   
3. Link with RT1: connection with EBA Clearing's RT1 service for processing and settlement of SCT Inst in real-time. This service provides access to over 2.200 entities participating in RT1. More information
   
   

Processing figures in the SNCE

In 2023 Iberpay processed 726.1 million SCT Inst (25% more than in 2022), worth 103.646 billion euros (21% more than in 2022), through its platform CICLOM.

Iberpay's infrastructure processes a daily average of 2 million SCT Inst, worth over 234 million euros.

In Spain, 53,6% of all credit transfers processed in the Spanish Payment System (SNCE) are SCT Inst, versus an 16% average share estimated in Europe.