BBVA has launched a new service that enables financial institutions outside Europe to send payments to Spain in just seconds, at any time of day and on any day of the year.
The service significantly enhances efficiency for sending banks while allowing recipients to access funds instantly, helping corporates optimize treasury management and offering retail customers a seamless experience.
Leveraging Iberpay’s new One-Leg Out Instant Credit Transfer (OCT Inst) rail, BBVA now processes inbound payment orders to Spain in real time under its BBVA Directa service.
The service operates 24/7/365 with no cut-off times. Payments are executed within seconds and can be tracked end-to-end through SWIFT’s GPI Tracker. Issuing banks retain full flexibility, deciding which payments to route via the instant rail, enabling them to optimize both liquidity and costs.
Importantly, no additional technical developments are required: BBVA maps incoming orders to the OCT Inst standard and settles them immediately. Beneficiaries receive funds instantly, strengthening companies’ cash and reconciliation processes and improving the overall customer experience.
