🎉 Instant Cross-Border Payment System in the EU: Spanish Banks 🇪🇸 Lead the Way

🎉 Instant Cross-Border Payment System in the EU: Spanish Banks 🇪🇸 Lead the Way

After pilot tests conducted in June 2023 with the participation of CaixaBank, Santander, BBVA, Swift, and Iberpay, the instant cross-border payment system is now live in Spain. Given that the results were satisfactory, the rest of the country's financial institutions have also connected to the system… OLO-llo (One-Leg Out) and égege.

▶️ Reminder: OCT Inst is a multi-currency system for processing instant transfers (in less than 10 seconds) between accounts, both incoming and outgoing. This EPC scheme is designed exclusively for the European segment.

▶️ Even the small nation of Andorra 🇦🇩 is part of the system.

▶️ A key point of interest is how this might impact systems like Bizum, which has become hugely popular in Spain. Known for its instant payment service via phone numbers, Bizum has emerged as a highly attractive option for small transactions and informal transfers. Its future role in this evolving landscape will be worth watching closely.

#news #Europe

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