Andbank Andorra has connected to the Spanish payment system (SNCE), managed by Iberpay, to process instant credit transfers.

Spain is the first country issuing of instant credit transfers in Europe: 48.8% of the transfers processed through the system are instant credit transfers, in contrast to the 13.3% average in Europe.

On November 3^rd, Iberpay incorporated the first Andorran credit institution, Andbank Andorra, to the payment system (SNCE) to process instant credit transfers. By joining Iberpay’s payments system, Andbank Andorra is now connected with the 93 Spanish banks participating in the system and with 2,300 European banks to issue and receive instant credit transfers account-to-account, in real time, 24x7 and with the availability of the funds to the beneficiary’s account.

Iberpay’s payments system is an interbank infrastructure and a neuralgic node of the European network of payments between accounts in which practically all the banks operating in Spain participate to process and settle the payments exchanged between the accounts of citizens and companies, using payment instruments as relevant to the country’s economic activity such as direct debits, credit transfers or instant credit transfers.

Since 2017, Iberpay has provided the interbank service for processing SEPA instant credit transfers to the Spanish banking community, as well as its connection with other main pan-European processing services, providing the necessary rails to channel any payment service based on instant credit transfers, such as Bizum, a highly successful instant mobile payment service in Europe.

With practically all Spanish bank accounts accessible to issue and receive instant credit transfers (an estimated 99% of the 80 million accounts), Spain leads the implementation and use of this innovative payment instrument in Europe, with instant credit transfers rising up to 48.8% of all transfers processed in the payment system, in contrast to the 13.3% average in Europe, according to the European Payments Council.

Being one of the most efficient and innovative processors in Europe, Iberpay stands as a very attractive payment system for European banks, such as Andbank, by providing the technological and payment infrastructure with a European reach necessary to build and offer innovative services for their clients.