The One-Leg Out (OLO) Instant Credit Transfer (OCT Inst) program aims to expand the advantages of Sepa to international money transfers.

The processing of incoming and outgoing international immediate account-to-account credit transfers is supported by OCT Inst, a cross-currency payment system. It is the first EPC program that only supports international instant credit transfers that enter or exit the Sepa geographical area on the Euro Leg.

This is intended to guarantee quicker foreign payment execution, improved payment status traceability, and increased cost transparency.

The program went live in November, although PSPs and Clearing and Settlement Mechanisms (CSMs) had to reschedule the commencement of operations due to the delay of ISO20022 migration for all Sepa schemes.

Iberpay is now prepared to serve as the first CSM for OCT Inst transactions made through Santander. In addition, Iberpay will take part in the program by acting as a processor.

Giorgio Andreoli, Director General of EPC, expresses pride in launching this innovative scheme at a crucial time. He believes it aligns perfectly with market demands and policy goals, and has the potential to revolutionize international instant payments by introducing a multilateral scheme-based approach suitable for a globalized world.

Juan Luis Encinas, CEO of Iberpay, highlights the importance of providing the necessary infrastructure and services for processing international cross-currency instant transfers. This development marks a significant advancement for Iberpay, allowing their banks to offer new, innovative services, enhance customer experience, and maintain strong competitiveness in the global payments industry.