Since its launch on November 2017, Iberpay’s instant payment service has processed over 25 million instant transfers worth more than 18,000 million euros, issued by the 90 Spanish banks that participate in the system, representing more than 90% share of the market.
On a daily basis, the system currently processes an average of 135,000 instant payments worth 100 million euros and has recently marked a processing record of more than 300,000 transactions. Instant transfers are credited to the beneficiary's account within an average time of 2 seconds and already reach close to 8% of total transfers processed.
The Spanish Payment System, managed by Iberpay, is one of the most advanced in Europe and connects its participating banks to EBA Clearing’s RT1 service, since November 2017, and to the Eurosystem’s TIPS service, since 30 November 2018, guaranteeing maximum reachability for banks within the SEPA area to send and receive instant payments.
With a clear collaborative sectorial approach, the Spanish financial community is leading the implementation of SEPA Instant Credit Transfers (SCT Inst) in the European context, making possible for citizens and companies to exchange instant payments on a real-time and 24x7 basis, with full guarantee, security and convenience.
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