Spanish Banking Community Joins Instant X-Border Payments Plan

Spain has become Europe’s first banking market fully connected to the European Payments Council’s One-Leg Out instant payments plan.

The country’s banking industry achieved that milestone earlier this month, Iberpay said in a news release Monday (Nov. 18).

As part of the EPC’s One-Leg Out (OCT Inst) program, banks can tap into Iberpay’s service, instant payment technology, standards and processing capabilities allow for instant cross-currency payments.

OCT Inst lets payment service providers in the Single Euro Payments Area (SEPA) process instant international transfers to and from countries outside the eurozone in just a few seconds, 24 hours per day, seven days a week.

“By leveraging established instant payment standards and systems across Europe, OCT Inst scheme aims to enhance the user’s experience, facilitate new use payment cases and support the development of innovative payment services that compete with emerging players in the international…