Swift introduces round-the-clock instant global payments

Swift has connected instant domestic payment systems to enable 24/7 cross-border payments into Europe, offering full transparency and end-to-end tracking.

The European Payment Council’s new One-Leg-Out Instant Credit Transfer scheme (OCT Inst) facilitates instant processing of payments to and from Europe, a move aligned with the G20’s goals for faster, more transparent and accessible cross-border payments.

The scheme’s launch follows a successful proof of concept involving collaboration between Swift, European and international banks, demonstrating the feasibility of instant international payments into Spanish accounts.

Swift’s network currently processes 89% of payments to the end bank within an hour, contributing towards the G20’s 2027 target of 75% of cross-border payments being credited to beneficiaries within an hour.

The OCT Inst scheme is viewed as an opportunity to extend the benefits of domestic instant payment systems globally, utilising existing payment infrastructure to improve international payment efficiency and access.

Carmen Rey Poza, Swift global product owner at Santander, said: “This initiative leverages existing rails and connections, so there’s no need for big developments and investments, and offers not only the much desired ‘instantaneity’ but also the capacity to track your payments. It will improve significantly the customer experience for both senders and receivers.”

© 2023 funds europe

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