EBA CLEARING announced that 10 major multinational banks plan to build reach for One-Leg Out Instant Credit Transfers (OCT Inst) using its pan-European RT1 OCT Inst Service, aligning with the 2027 target date set in the G20 Roadmap for Enhancing Cross-Border Payments and aiming to accelerate implementation across Europe. The banks, all users of EBA CLEARING’s RT1 System, are Barclays, BBVA, BNP Paribas, Citi, Deutsche Bank, HSBC, ING, Intesa Sanpaolo, J.P. Morgan and Societe Generale. OCT Inst supports the euro leg of cross-border, cross-currency payments under the OCT Inst Scheme created by the European Payments Council, and EBA CLEARING implemented the RT1 OCT Inst Service in November 2024. RT1, launched in 2017, currently settles around 5.5 million payments per day in real time with immediate finality in roughly one second. Additional payment service providers willing to commit to being reachable for OCT Inst via RT1 by 2027 were invited to join the group to help expand OCT Inst reach.
EBA Clearing 2025-09-18
European EBA CLEARING announces 10 multinational banks plan to enable One-Leg Out Instant Credit Transfers reachability on RT1 by 2027
EBA CLEARING announced that 10 major multinational banks, including Barclays, BBVA, and Deutsche Bank, plan to expand reach for One-Leg Out Instant Credit Transfers (OCT Inst) using its RT1 OCT Inst Service. This aligns with the G20 Roadmap for Enhancing Cross-Border Payments, targeting 2027 for broader implementation across Europe. The RT1 system, operational since 2017, currently processes approximately 5.5 million real-time payments daily.