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One-Leg Out Instant Credit Transfer

OCT Inst

The One-Leg Out (OLO) Instant Credit Transfer ( ) scheme is the newest scheme dedicated to international instant credit transfers. It covers the set of rules, practices and standards to achieve interoperability for the provision and operation of the Euro Leg of an international instant credit transfer agreed at inter-payment service provider ( ) level within .

The scheme empowers in the Euro Leg to use as best as possible the existing payment ‘rails’ - including procedures, features and standards - that are reflected in arrangements which are already familiar with such as the Instant Credit Transfer
( ) scheme and the existing payment infrastructures. 

It enables in to efficiently process incoming and outgoing OLO instant credit transfers through highly automated funds transfer systems available in the Euro Leg and, if available, via similar systems in the respective non-Euro Leg countries or jurisdictions.

It gives in the opportunity to offer their customers a faster execution of such international payment transactions, more up-front transparency on costs and parties involved, and a better payment status traceability.

Key benefits provided by the scheme

Payers and Payees

  • Payers and Payees in the Euro Leg have an account-to-account based payment solution supporting both incoming and outgoing international instant euro credit transfers. 
    Clear maximum execution times (i.e. a few seconds only) are set for the Euro Leg of such transfers. The services based on the scheme for the Euro Leg are available 24 hours a day and on all calendar days of the year.
    Depending on the performance of the channel used in the non-Euro Leg jurisdiction where the transaction is coming from or going to, this may lead to a more rapid and predictable end-to-end execution of international payments.
  • Attributes are foreseen to provide Payers and Payees with better transparency on the costs for all parties - both those inside and outside of the Euro Leg - as well as on payment status traceability (e.g., via the Unique End-to-End Transaction Reference (UETR)). 
  • The scheme relies on open and commonly accepted standards and data elements which help to improve the initiation and reconciliation of such transfers on a Straight-Through-Processing (STP) basis.
  • The scheme also supports the possibility to send or to receive remittance data end-to-end on either a structured or an unstructured basis. 
  • The maximum amount of 100.000 EUR per transaction can support a wide variety of payment use cases.

Euro Leg-based Payee’s and Payer’s

  • The scheme allows these Euro Leg to offer account-to-account based payment solutions supporting both incoming and outgoing international instant credit transfers. It gives them the possibility to offer their Payees and Payers a faster execution of such transactions, more up-front transparency on costs and on the parties involved in/concerned about, and a better payment status traceability (e.g., via the UETR and inquiry use cases).
  • The scheme sets well defined processing timelines and steps for transactions in the Euro Leg. 
    It also enables more efficient and cost-effective processing, clearing and settlement for these credit transfers within the Euro leg, using the ISO 20022 XML messaging standard and existing intermediary and Clearing and Settlement Mechanisms ( ) operating in the Euro Leg. The scheme further aims at the maximum possible alignment with the scheme.
  • The clearing and settlement for such credit transfers through Euro Leg-based intermediary and , and through the preferred non-Euro Leg channels (e.g., national payment infrastructures, schemes or systems) will potentially improve the liquidity management for those involved (e.g., via the offset between incoming and outgoing payment positions). It may also allow these to optimise the number of euro correspondent banking relationships.
  • The scheme supports concepts, processes and attributes covered in the Cross Border Payments and Reporting Plus (CBPR+) and Cross-Border Instant Payments Plus (IP+) guidelines of SWIFT. This will facilitate the processing of such transfers based on better structured and richer data under the ISO 20022 XML messaging standard. 
  • These can also rely on a predictable and automated r-transaction handling and inquiry processing.

Euro Leg Entry and Exit

  • These can develop new business models by offering transaction services in the role of Euro Leg Entry and/or Euro Leg Exit for both Euro Leg-based and non-Euro Leg Financial Institutions.
  • They can offer a standardised way of processing the Euro leg of international instant credit transfers and they can re-use the existing rails to process them.

scheme evolution calendar:

  • Between mid-January until mid-April 2022
    Three-month public consultation on a draft [Instant] Euro One-Leg Out Credit Transfer arrangement rulebook
  • 28 March 2023
    Publication of the version 1.0 of the 2023 scheme rulebook
  • Between 28 March 2023 and 31 December 2023

    Possibility to submit change requests to the version 1.1 of the 2023 scheme rulebook

  • 28 November 2023 at 08:00 CET

    - Launch of the scheme
    - Version 1.1 of the 2023 scheme rulebook remains in effect until 23 November 2025