Following this announcement, EBA CLEARING will focus on delivering a One-Leg Out Instant Credit Transfer (OCT Inst) Service in the RT1 System, which is expected to be launched for customers and clients by November 2024.
The new cross-border solutions in RT1 are set to be developed in line with the OCT Inst Scheme of the European Payments Council (EPC), and it will rely on the processing infrastructure, software, interfaces, and other key components of EBA CLEARING’s pan-European instant payment system.
RT1 represents a pan-European infrastructure for instant payments in EUR, owned and operated by EBA CLEARING. The system was designed to settle payments in real-time and with immediate finality, across multiple regions of the continent, while also providing customers with a variety of transaction options. This aims to allow any EPS SCT Inst Scheme adherent to access the system securely and efficiently, as well as in the best manner suitable for their needs.
According to the official press release, the new service was developed in accordance with the EPC’s OCT Inst Scheme, and it is expected to enable payment solution providers (PSPs) that operate in SEPA to process incoming and outgoing international credit transfers through the RT1. Throughout this procedure, for the euro leg of their cross-border payments, PSPs will have the possibility to benefit from an improved real-time payment infrastructure standard that operates securely 24/7 and is based on ISO 20022.
In addition, as defined by the EPC scheme, the transactions are set to also fulfill the transparency and traceability requirements set by the G20 and the Financial Stability Board for international payments. The RT1 OCT Inst will also provide users with the possibility to conveniently re-use their instant payment rails for international transactions. EBA CLEARING will continue to focus on meeting the needs, preferences, and demands of its customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
The specifications of the service are expected to be made available in April 2024. At the same time, together with The Clearing House and Swift, EBA CLEARING will continue its strategy of working on the IXB initiative. This process is set to optimise cross-border payments in EUR and USD, with the aim to add other currency corridors as well, through the interlinking of their solutions and settlement synchronisation between instant payment systems.
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