Iberpay News
Instant Transfers
February 01 2023
Instant credit trasnders grow by 44% in Spain
4 min
In 2022, a record number of 823 million instant credit transfers were processed in Spain, with a growth of 44% compared to 2021.
49% of all credit transfers processed in the payment system managed by Iberpay are instant credit transfers, whilst in Europe the share is 13%.
In 2022, a total of 823.4 million instant credit transfers (SCT Inst) were processed in Spain, 44,6% more than in 2021, worth 98.3 billion euros, 16.9% more than in 2021. An average of 2.3 million instant credit transfers were processed daily, worth over 269 million euros.
The SEPA instant credit transfer allows the transfer of funds from one account to another, making the funds available to the beneficiary instantly. This means of payment is available to clients of banking entities 24 hours a day and every day of the year through internet banking, banking apps, bank branches or the person-to-person service Bizum.
The payment infrastructure managed by Iberpay provides the interbank rails necessary to process and channel any payment service based in instant credit transfers (European SCT Inst scheme), which is processed and credited to the benecifiaty’s account in an average time of 0.8 seconds.
Spain has led the use of instant transfers in Europe in 2022 with a share in December of 48.91% instant credit transfers with respect to the total of credit transfers processed in the system, compared to a 13,29% share in average in Europe, according to the European Payments Council.
The National Payment System in 2022
In 2022, the payment system managed by Iberpay reached the record number of 2,783 million processed operations (credit transfers, instant credit transfers, direct debits, checks, etc), 9,9% more than in 2021, worth 2.5 billion euros, 12,5% more than in 2021. An average 10.9 million transactions were processed daily through the system, worth 9,79 billion euros.
Iberpay manages payment infrastructure in which practically all banking entities operating in Spain participate to process and settle their payment transactions between accounts. It connects over 80 million payment accounts in Spain and facilitates the connection with more than 4,000 European banks in the SEPA area (36 countries). In the current context of digitalization of payments and money, Iberpay has been promoting several innovative initiatives and proofs of concept since 2019 together with Spanish banks: Smart Payments initiative, on the programming of instant payments in smart contracts on DLT networks, Smart Money initiative, on the issuance and/or distribution of tokenized digital banking money, and various pilots aimed at preparing the sector for the possible issuance of a digital euro by the European Central Bank (ECB).
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