Iberpay gears up for Sepa instant payments with EBA Clearing

Iberpay gears up for Sepa instant payments with EBA Clearing

Iberpay in Spain is ready to connect Spanish banks to the EBA Clearing system for their cross-border euro real-time payments in time for next week's launch of the pan-European SCT Inst Scheme.

With the support of close to 40 funding institutions and its technology partner SIA, EBA Clearing's RT1 is currently open to any AS-PSP adhering to the European Payment Council's SCT Inst Scheme.

Iberpay will be one of the first national providers of clearing and settlement services that will connect to the EBA's RT1 platform as a technical service provider.

The Spanish ACH processes about 2 billion transactions per year representing a total value of over €2 trillion on behalf of 160 customers drawn from the country's financial community.

Hays Littlejohn, CEO of EBA Clearing, says: “Iberpay is the first ACH extending RT1 access to a local community as a technical service provider. This is one of the co-operation options supported by RT1, which allow participants to rely on their trusted providers for their connectivity or liquidity needs in our system.”

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