In 2023, a record number of 1,011 million instant credit transfers were processed in Spain, with a growth of 22.8% since 2022. The new European Regulation on instant credit transfers is expected to boost its use among citizens and companies throughout Europe.

Companies, public administrations and individuals may now access, via their banks, to Iberpay’s Account Ownership Confirmation Service. Banks have a new business opportunity, especially relevant for companies and public administrations, which strengthens the relationship with their clients.

Spanish banks CaixaBank, Banco Santander and BBVA have processed international instant payments with banks in Australia, New Zealand, Brazil and the United Kingdom. This pilot anticipates the entry into force of the EPC’s new OCT Inst scheme in November. Iberpay is positioned as the first instant payment system in the world integrated with the Swift GPI network to process cross-currency payments in seconds.