EBA Clearing to launch OCT Inst credit transfer service on R1
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EBA Clearing to launch OCT Inst credit transfer service on R1 26 March 2024France Reporter: Klea Neza
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EBA Clearing has announced the delivery of a one-leg out instant credit transfer (OCT Inst) service in the RT1 System for November 2024.
This new cross-border service in RT1 will be developed in line with the OCT Inst Scheme of the European Payments Council (EPC), says EBA Clearing.
The service aims to rely on the processing infrastructure, the interfaces and other key components of EBA Clearing’s pan-European instant payment system.
According to the EPC’s OCT Inst Scheme, the new service will enable payment service providers (PSPs) operating in the Single Euro Payments Area (SEPA) to process incoming and outgoing international credit transfers through RT1.
David Renault, head of SEPA Services at EBA Clearing, says: “Users can leverage existing building blocks and investments for their cross-border transactions. RT1 OCT Inst will provide our users with an easy and convenient way to re-use their instant payment rails for international payments.”
Erwin Kulk, head of service development and management at EBA Clearing, comments: “We believe that RT1 OCT Inst can also serve as an important stepping stone for our Immediate cross-border payments initiative, which is aimed at establishing service levels for the full payment journey in the US dollar and euro corridor and, potentially, other currency corridors.”
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