EBA CLEARING has announced the go-live of an OCT Inst Service, which was implemented in the pan-European RT1 System on 17 November 2024 at the request of its users.
OCT Inst Service goes live in RT1
The new service allows payment service providers to leverage the pan-European instant payment system for cross-border payments that have one euro leg inside and one leg outside the Single Euro Payments Area (SEPA).
RT1 provides a settlement mechanism for transactions complying with the One-Leg Out Instant Credit Transfer (OCT Inst) Scheme of the European Payments Council (EPC).
With RT1 OCT Inst, payment service providers (PSPs) across Europe can rely on the processing infrastructure, interfaces and other key components of RT1 for the handling of incoming and outgoing international instant credit transfers.
As defined by the EPC scheme, the transactions also fulfil the transparency and traceability requirements set by the G20 and the Financial Stability Board for cross-border payments.
“The OCT Inst Scheme could take cross-border payments to the next level. Enabling PSPs across SEPA to leverage a top-performing pan-European system for inbound and outbound instant payments, the launch of an OCT Inst Service in RT1 is a crucial step towards recognising this potential,” comments Katja Lehr, Western Europe Product Head & Industry Advocacy Lead at J.P. Morgan Payments.
“With our global scope, we look forward to extending our use of RT1 to first cross-border corridors.”
“Today, RT1 is the payment system of choice for instant payments within SEPA,” continues David Renault, Head of SEPA Services at EBA CLEARING.
“With seven years of operations, several thousand connected PSPs and peak volumes of over 5 million payments per day, it provides a highly performant and proven infrastructure in line with user needs and the latest industry standards.
Its operational excellence and ease of use also make RT1 a perfect infrastructure choice for PSPs wishing to move ahead and improve their international payment offering.
The system is ready to handle both rising SEPA instant payment volumes and international instant payments and we look forward to onboarding our existing and potential future users for the new RT1 OCT Inst Service.”
RT1 is a pan-European infrastructure for instant payments in euro, operated by EBA CLEARING. Launched in 2017, the system currently settles over 3 million payments per day with peaks of over 5 million transactions.
RT1 transactions are settled in real time and with immediate finality, in roughly one second, across all corners of Europe.
The RT1 SCT Inst Service reaches all PSPs adhering to the EPC’s SEPA Instant Credit Transfer (SCT Inst) Scheme and offers a variety of options allowing EPC SCT Inst Scheme adherents to access the system in the way that best suits their needs.
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