One-Leg Out (OLO) instant credit transfer payments

Background:

Based on the market research conducted by EPC3 there was a specific ask from the market participants, to support the processing of multi-currency international payments, through an instant payments framework, so as to strengthen the role of EURO in the international markets. The initial inclination was to enhance the existing scheme i.e., SCTInstant5 , to include cross border/cross-currency payments. However, suggestions from market participants, led the EPC3 to develop a dedicated payments scheme for instant OLO credit transfers. As, based on the initial analysis, it was concluded that an independent payments scheme, with separate rule books is expected to ensure faster time to market. Further, since PSPs are already following the SEPA framework; the implementation of this scheme is expected to be an incremental change for the market participants.