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Banco Santander and Iberpay Launch International Real-Time Payments Service

Banco Santander and Iberpay have processed the first international instant transfers based on the European Payments Council’s One-Leg Out Instant Credit Transfer (OCT Inst) scheme.

These transfers were initiated and completed in different currency areas Tuesday (May 14), the companies said in a Thursday (May 16) press release.

The OCT Inst scheme allows payment service providers in the Single Euro Payments Area (SEPA) to process instant international transfers from and to countries outside the euro area, at any time and within seconds, according to the release.

Iberpay is the first certified payment system in Europe, and Santander is the first European bank to join the scheme, per the release.

“Providing the first infrastructure in Europe and the necessary services for processing instant international transfers between different currencies represents a very significant step for Iberpay, allowing our banks to offer new and innovative services, improve the experience for their customers, and strengthen their competitiveness in the global payments industry,” Iberpay CEO Juan Luis Encinas said in the release.

Jaime Uscola, director of enterprise products, international business and payments at Santander Spain, added in the release: “Santander is committed to advancing and taking all necessary steps in order to evolve in international instant payments, adapting our offerings to the needs of all our clients, and this movement is a clear example of that commitment.”

The OCT Inst scheme uses existing instant payment standards and systems in Europe based on the EPC’s SCT Inst scheme; enables the development of new payment services to compete in the international payments sector; and enhances and streamlines international payments that require currency exchange, according to the release.

The scheme is part of a rapid expansion of real-time payments around the world that has been bolstered by widespread support from banks, corporations and governments, according to the PYMNTS Intelligence report “The Real-Time Payments World Map.”

In other developments in the space, NetXD launched a fully cloud-based solution for The Clearing House’s RTP® network in the United States, Payments Canada continues progress toward completing and launching Canada’s nationwide Real-Time Rail, and a new agreement between the European Central Bank and Danmarks Nationalbank is advancing real-time payments in Denmark.