One-Leg Out Instant Credit Transfer

Key benefits provided by the

One-Leg Out Instant Credit Transfer
 

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

  One-Leg Out Instant Credit Transfer
   

  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

  One-Leg Out Instant Credit Transfer
   

  transaction can support a wide variety of payment use cases.

Euro Leg-based Payee’s

Payment Service Providers

and Payer’s

Payment Service Providers

• The scheme allows these Euro Leg

  Payment Service Providers

  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

  One-Leg Out Instant Credit Transfer
   

  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

  Payment Service Providers

  and Clearing and Settlement Mechanisms (

  Clearing and Settlement Mechanisms

  ) operating in the Euro Leg. The scheme further aims at the maximum possible alignment with the

  SEPA Instant Credit Transfer

  scheme.
• The clearing and settlement for such credit transfers through Euro Leg-based intermediary

  Payment Service Providers

  and

  Clearing and Settlement Mechanisms

  , and through the preferred non-Euro Leg channels (e.g., national payment infrastructures, schemes or systems) will potentially improve the liquidity management for those

  Payment Service Providers

  involved (e.g., via the offset between incoming and outgoing payment positions). It may also allow these

  Payment Service Providers

  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

  Payment Service Providers

  can also rely on a predictable and automated r-transaction handling and inquiry processing.

Euro Leg Entry

Payment Service Providers

and Exit

Payment Service Providers

• These

  Payment Service Providers

  can develop new business models by offering

  One-Leg Out Instant Credit Transfer
   

  transaction services in the role of Euro Leg Entry

  Payment Service Provider

  and/or Euro Leg Exit

  Payment Service Provider

  for both Euro Leg-based

  Payment Service Providers

  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

  SEPA Instant Credit Transfer

  rails to process them.