Iberpay hurdles one million instant payments per day barrier
The Spanish Retail Payment System (SNCE), managed by Iberpay, has recently broken its own record by processing over one million instant credit transfers per day (exactly, 1,074,387 SCT Inst), with a total value of €480 million.
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Since its launch in November 2017, Iberpay’s interbank instant payment services, which serves other innovative and successful services, such as Bizum, has processed over 256 million instant credit transfers worth more than 110 billion euros.
Instant credit transfer volumes in the Spanish Payment System (SNCE) represent a 28.4% share of total credit transfers (SCT + SCT Inst) processed, against a 7.5% share in Europe estimated by the EPC. Some Spanish banks already process over 60% of their credit transfers by means of SCT Inst.
Today, 93 Spanish banks participate in Iberpay’s instant payment services, representing over 97% of the Spanish payments market. Iberpay also connects nearly all its participants to EBA Clearing’s RT1 service and to the Eurosystem’s TIPS service, guaranteeing their reachability to over 2,500 banks within the SEPA area to send and receive instant payments.
Although the EPC’s SCT Inst scheme establishes a maximum interbank execution time of 10 seconds, the Spanish banking community agreed a challenging maximum execution time of 1.5 seconds and one of Iberpay’s instant payment services already achieves an average end-to-end processing time of 0.74 seconds.