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 ...