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Swift integrates instant payment systems to provide 24/7 processing of cross-border transfers

Swift integrates instant payment systems to provide 24/7 processing of cross-border transfers

Swift has already connected domestic payment systems across Europe to provide full transparency and end-to-end tracking of instant cross-border transfers destined for the EU.

The European Payments Board’s One-Leg-Out Instant Credit Transfer (OCT Inst) scheme was launched this week. It enables you to process payments to and from Europe 24 hours a day, 7 days a week.

The launch of the system follows a successful proof of concept earlier this year, during which Swift partnered with European payment system Iberpay, Spanish banks BBVA, CaixaBank and Santander, commercial banks from Australia (ANZ and National Australia Bank), Brazil (Itaú Unibanco) and the Great of Britain (Lloyds Banking Group). Dozens of international payments have been successfully delivered to Spanish accounts within seconds.

Financial institutions see OCT Inst as an opportunity to take advantage of domestic instant payment systems on a global scale.

“Interoperability is at the heart of everything we do at Swift to deliver our strategy of frictionless instant payments for all, and will be key to achieving the G20’s cross-border payments goals,” said Marianne Demarchi, CEO of Swift Europe. – EPC’s OCT Inst scheme is a positive step for Europe that will improve the user experience for payers in Europe and globally.”

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