• 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.

In 2023, 1,011 million instant credit transfers were processed in Spain, 22.8% more than in 2022, worth 119.4 billion euros, 21.6% more than in 2022. An average of 2.77 million instant transfers were processed daily, worth more than 327 million euros.

Since their launch in 2017, instant credit transfers have experienced widespread market adoption and, consequently, exponential growth in the number of transactions processed. Characterized by their instantaneity (the money is credited to the beneficiary's account in less than 1 second), by their availability 24 hours a day every day of the year and by their use through digital and mobile channels, instant credit transfers emerge as the ideal means of payment for a modern, digital and efficient economy.

The European Parliament's new Regulation on instant credit transfers, expected to come into force in Q1 2024, seeks to generalize the use of instant credit transfers in euros between citizens, companies and public administrations, by establishing the obligation for banks and PSPs to offer instant transfers to their clients through the same channels and at the same price as ordinary credit transfers.

The swift implementation of this regulation will not only impact and redefine the way citizens, companies and administrations make their payments, but will also streamline and boost commercial activity and promote economic growth throughout Europe. Likewise, it will foster new opportunities for digitalization, financial innovation and competition in the provision of payment services.  

With a 54% migration rate from the classic credit transfers to instant credit transfers (compared to a 15% average in the rest of Europe), Spain is in a very favorable position to continue leading this digital transformation and benefit from all the advantages it brings.

The payment system in 2023

In 2023, the payment system managed by Iberpay reached the record number of 3,000 million transactions processed (ordinary credit transfers, instant credit transfers, direct debits, cheques, etc.), 7.8% more than in 2022, with a value of 2.7 trillion euros, 7.2% more than in 2022. An average of close to 12 million transactions were processed daily, worth 10,760 million euros.

Iberpay manages and operates the payment system (SNCE), a European payment infrastructure in which practically all banking entities operating in Spain and Andorra participate to process and settle their payment operations between bank accounts. It connects nearly 80 million payment accounts and facilitates connection with more than 4,000 European banks and nearly 800 million payment accounts in the SEPA area (36 countries).