A new payment service has been introduced that allows financial institutions from outside Europe to send payments to Spain almost instantly, available around the clock every day of the year. This new offering significantly improves efficiency for sending banks while enabling recipients to access their funds without delay. This system benefits corporate clients by enhancing treasury management and provides a smooth experience for retail customers.
The service utilizes Iberpay’s One-Leg Out Instant Credit Transfer (OCT Inst) rail, allowing real-time processing of inbound payments sent to Spain. The service operates continuously, without any cut-off times, meaning payments can be executed within seconds. Additionally, users can monitor their transactions through SWIFT’s GPI Tracker, ensuring transparency throughout the payment process.
Financial institutions retain control over which payments are routed via the instant transfer system, giving them the flexibility to manage liquidity and costs effectively. A major advantage of this service is that no extra technical advancements are necessary; incoming orders are directly mapped to the OCT Inst standard, facilitating immediate settlement.
As a result, beneficiaries receive their funds instantly, thereby improving cash flow and reconciliation processes for businesses, along with enhancing the overall experience for customers.