Spain's Iberpay and Santander are the first participants in the European Payment Council's new OCT Inst scheme for faster international account-to-account payments. The OCT Inst (One-Leg Out (OLO) Instant Credit Transfer) scheme is set to transform the landscape of international payments by bringing the benefits of Sepa to a global scale. Designed to facilitate incoming and outgoing international instant account-to-account based credit transfers, OCT Inst promises faster execution of payments, increased transparency on costs, and improved traceability of payment statuses. Although the scheme went live in November, the postponement of ISO20022 migration for all Sepa schemes meant a replanning of operations by Payment Service Providers (PSPs) and Clearing and Settlement Mechanisms (CSMs). Now, Iberpay is ready to serve as the first CSM for OCT Inst transactions via Santander, while also participating in the scheme as a processor. (Image by Fintech Magazine) #Payments #Fintech #Innovation #InternationalPayments #OCTInst #Sepa
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🇪🇸 𝗦𝗽𝗮𝗻𝗶𝘀𝗵 𝗕𝗮𝗻𝗸𝘀 𝗧𝗮𝗸𝗲 𝘁𝗵𝗲 𝗟𝗲𝗮𝗱 𝗶𝗻 𝗘𝗨 𝗜𝗻𝘀𝘁𝗮𝗻𝘁 𝗖𝗿𝗼𝘀𝘀-𝗕𝗼𝗿𝗱𝗲𝗿 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀! 🚀💶 Spain has become the first EU market to enable instant cross-currency payments under the European Payment Council's OCT Inst scheme! 🌍⚡ The entire Spanish banking community is now on board after successful pilot tests with big players like CaixaBank, Santander, and BBVA. 🏦✨ 🔑 What's OCT Inst? The scheme handles international instant account-to-account transfers making sure: ✅ Payments happen faster ✅ Costs are clear ✅ Payment status updates happen in real-time The scheme started in November 2023, but ISO20022 migration delays changed the timelines. Spanish banks saw this as a chance to stay ahead in the global payments race. 🌐💸 💡 This move makes Spain's role in new banking ideas stronger and helps it compete better in the global payments industry. 🏆🚀 Source: https://lnkd.in/dhBNCN-r #CrossBorderPayments #InstantPayments #DigitalBanking #Innovation #GlobalFinance #SEPA #EUFintech
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Discover the latest trends in cashless payments with industry expert Kamran Hedjri, Group CEO at PXP Financial, at the 19th NextGen Payments & RegTech Forum on 6-7 November 2024 at the Four Seasons Hotel, Limassol, Cyprus. The end-to-end payment platform: PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Powered by inhouse acquiring, 200+ alternative payment methods & financial services, PXP processes over EUR 21.5 billion annually through our unified gateway. Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you. Less than 24 hours to go! Book now to enjoy a 10% discount before it expires! Contact us at [email protected] to claim the discount! To register and access the agenda: https://bit.ly/47J6SIn For more information on registration, please contact [email protected] #qubevents #Cyprus #Limassol #Fintech #NPF #Payments #Regtech #Event2024 #CEO #AI #Finance #Sponsor #Europe #DigitalPayments #Conference #Networking #Speakers #Forum #Regulatory #NextGen #AML #JoinUs #Compliance #Trends
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The global adoption of real-time payments is accelerating, with significant advancements in various regions. Kuwait's CBK launched the instant payment system WAMD, Australia’s ANZ executed its first near real-time cross-border payment via NPP, and Europe's EPI introduced the Wero digital wallet. Meanwhile, Project Nexus is set to connect fast payment systems in India and Southeast Asia by 2026. #RealTimePayments #DigitalPayments #Fintech #GlobalFinance #CrossBorderPayments #InstantPayments #DigitalTransformation #FinancialInnovation #PaymentSystems #ProjectNexus
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Building high-growth digital products. @ CTPO at Calyptus @ Founder @ AI | Payments | Blockchain | Web3 | DeFi @ Speaker, Venture Studio Partner @ ✨ Get FREE perks - 🔗👇
The popularity of account-to-account payments in Europe continues to grow. Worldpay, in its Global Payments Report 2024, states that global A2A transaction values are forecast to rise at a 14% CAGR through 2027. In 2023, this payment method dominated in the Netherlands, Norway, Finland, Sweden, and Poland. However, considering the latest news, I believe that soon we will see a longer list of countries. In case you missed it, BLIK announced its expansion to Slovakia and Romania. The company has also joined forces with Italy's BANCOMAT Pay, Spain's Bizum, and Portugal's SIBS to create a unified European payments market. That's the future of the payments industry growth. ✈ #account2account #a2a #payments #futureofpayments #fintech #paymentsnews #digitalpayments #digitaleconomy
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Discover the latest trends in cashless payments with industry expert Kamran Hedjri, Group CEO at PXP Financial, at the 19th NextGen Payments & RegTech Forum on 6-7 November 2024 at the Four Seasons Hotel, Limassol, Cyprus. The end-to-end payment platform: PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Powered by inhouse acquiring, 200+ alternative payment methods & financial services, PXP processes over EUR 21.5 billion annually through our unified gateway. Whatever your business needs today or tomorrow, PXP Financials’ innovative payment platform will support your business growth with all the payment services you will ever need from one source, wherever your business takes you. Less than 24 hours to go! Book now to enjoy a 10% discount before it expires! Contact us at [email protected] to claim the discount! To register and access the agenda: https://bit.ly/47J6SIn For more information on registration, please contact [email protected] #qubevents #Cyprus #Limassol #Fintech #NPF #Payments #Regtech #Event2024 #CEO #AI #Finance #Sponsor #Europe #DigitalPayments #Conference #Networking #Speakers #Forum #Regulatory #NextGen #AML #JoinUs #Compliance #Trends
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Next week @Sibos. Make sure to join the panel with Frank Dux 🚀 #swift #corporatebanking #crossborderpaymemts
When you conduct cross-border payments, whether it’s an individual sending money overseas to family and friends or a business paying a supplier beyond their borders, what is your expectation on the payment experience? Is it fast, transparent, simple, or predictable? And why business application providers are crucial in equipping banks to meet this challenge? Join me and a panel of speakers Frank Dux, Magnus Hedenberg, Jonathan Mayeur at the session of “Accelerating cross-border payments with front-end innovation” on Tuesday 22nd Oct at 15:30 to find out more. See you in Beijing, or join us digitally! Swift & Sibos coconet Group Movitz Payments IntellectEU #SwiftatSibos, #Sibos, #payments, #innovation, #paymentsexperience, #crossborderpayments
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From the traditional Bill of Exchange to the instant account to account credit transfer in Europe. what an exponential jump in 2 decades! I see here a mean to bring closer EU people and EU businesses. #iberpay #santanderespaña
The European Payments Council (EPC) announced that Iberpay and Santander España this week became the first participants in the One-Leg Out OCT Inst Scheme. Read here 👉 https://lnkd.in/dB_QDU2Q Iberpay and Santander have also announced that this week, their respective payment technology platforms have already processed the #first international instant transfers based on the One-Leg Out OCT Inst scheme of the EPC, initiated and completed in different monetary areas. Read the press release here👉https://lnkd.in/dh37bJwv A a significant step forward for the global payments industry. Thank you Finextra for sharing the news!! 👉 https://lnkd.in/dpc35U-n #payments #global
Iberpay and Santander become first particpants in EPC's OCT Inst scheme
finextra.com
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Payment processing provider Episode Six (E6) Six and DCS Card Centre (DCS), Singapore-licensed financial institution, has announced a partnership that will enable FinTech companies to issue their own branded credit cards through their own customer interface. Powered by E6’s card issuance technology, the process required to launch a new credit card is now significantly reduced from the typical four - six months to a matter of weeks. This collaboration between DCS and E6 combines their respective expertise into a unified platform, streamlining this process which is traditionally complex and tedious due to regulatory, operational and technical challenges, to allow FinTechs to innovate rapidly. In its endeavour to provide integrated payment experiences to consumers and corporates, this holistic solution also incorporates access to a virtual account that enables top-ups with fiat currency via bank transfers, or with digital assets via DCS tokens, which are directly issued by DCS. Source: https://lnkd.in/g-qz3N7M Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #fintech #partner #partnership #financialtechnology #financialservices #fintechnews #financialsolutions
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Director of Communication, Marketing and Sustainability | Financial sector | Digital Transformation | ISDI DIBEX
The launch of the first international instant transfers under the European Payments Council (EPC)'s One-Leg Out (OCT Inst) scheme represents a significant strategic milestone for the European payments landscape. This achievement underscores Iberpay's position as one of the most advanced payment systems in Europe, demonstrating our commitment to substantially enhancing the efficiency of international payments #worldwide. This includes improvements in processing speed, 24x7 availability, transparency of information, accessibility, and cost reduction. By providing the #first infrastructure in Europe capable of processing international instant transfers between different currencies, enables our participating #banks to deliver highly innovative services, enriching customer experiences and strengthening their competitiveness in the global industry. of payments.
The European Payments Council (EPC) announced that Iberpay and Santander España this week became the first participants in the One-Leg Out OCT Inst Scheme. Read here 👉 https://lnkd.in/dB_QDU2Q Iberpay and Santander have also announced that this week, their respective payment technology platforms have already processed the #first international instant transfers based on the One-Leg Out OCT Inst scheme of the EPC, initiated and completed in different monetary areas. Read the press release here👉https://lnkd.in/dh37bJwv A a significant step forward for the global payments industry. Thank you Finextra for sharing the news!! 👉 https://lnkd.in/dpc35U-n #payments #global
Iberpay and Santander become first particpants in EPC's OCT Inst scheme
finextra.com
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🥐 What better setup than a Numeral’s Payments Breakfast at Hexa to discuss upcoming payment regulations? In 2024 and beyond, the application of PSD3, PSR, and the regulation on instant payments in euro will have significant impacts on payment and electronic money institutions and create significant opportunities. While the high-level elements of these new regulations are well understood, the devil is in the details: ➡ Application timelines ➡ Implementation requirements ➡ Translation of these regulations in EPC rulebooks, local regulations and pan-European payment systems To explore the changes under the hood for regulated fintechs, we had the pleasure of welcoming Corina Fontaine, Ivan HUANT, and Stephane D. so they could share their expertise with 50 fintech founders and leaders. The short-term takeaway for regulated fintechs: ➡ Improved instant payment reachability will increase SCT Inst success rate ➡ PIs and EMIs that are already SEPA participants will most likely be required to be able to receive instant payments by December 2024 ➡ There are still many unknowns on IBAN-name verification that will be clarified by the current work of the EPC and other institutions ➡ While more distant in the future, the obligation to support sending and receiving instant payments for all PIs and EMIs, safeguard funds with at least two banks, and IBAN-name verification will have a significant impact on payment systems of fintechs. Any evolution brought to these systems must be done with these elements in mind. We look forward to welcoming the payments community for our next Numeral’s Payments Breakfast! #breakfast #payments #event
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