Santander, Iberpay join New Cross-Border Payment Scheme

Spanish banking giant Santander and payment services firm Iberpay have become the first participants in the One-Leg Out (OLO) Instant Credit Transfer (OCT Inst) scheme, led by the European Payments Council (EPC).

The OCT Inst scheme aims to establish frameworks and processes for facilitating international account-to-account (A2A) payments across different currencies. It is the EPC’s first initiative to support transactions involving a payment service provider located within the Single Euro Payments Area (SEPA) and another outside it. The scheme was launched last November.

As inaugural participants, Iberpay will act as the clearing and settlement mechanism through Santander for OCT Inst transactions. Iberpay has been designated the OCT Inst Processor, responsible for providing the infrastructure and services needed for processing international cross-currency instant transfers under the scheme.

Santander and Iberpay announced the completion of their first international instant transfers through OCT Inst this month. Full-service adoption among Spanish banks is expected by October, with additional banks connecting to Iberpay’s service in the coming months.

Juan Luis Encinas, CEO of Iberpay, highlighted that the firm’s involvement will enable banking partners to offer innovative services, improve customer experience, and stay competitive. The scheme aims to enhance international cross-currency payments by improving processing speed,