Institutions, pension & compensation funds, administrations
Institutions, pension and compensations funds and administrations, i.e. public sector entities, are also impacted by the alignment of payments to the international ISO 20022 standard. The harmonization plans especially impact those that use a proprietary software solution to handle their payments processes.
Since these software systems must each be adapted to meet specific requirements, the configurations must be further developed for ISO 20022 by means of individual solutions. Therefore, the necessary migrations and adaptations generally require longer lead times. Accordingly, we recommend a proactive course of action with timely release, resources and budget planning. This should be closely coordinated with your software development and your bank.
It is possible that your customers may not yet have placed the IBAN in their accounting software. In your planning consider updating old account number formats, because starting 2020 you must also use the IBAN for your domestic payments.
To ensure an on-time and efficient migration process, it is best that you contact your software partner or the relevant representative in your internal IT department.
The new payment traffic delivers clarity, efficiency & security
The variety of current payment instruments is reduced, standardized and simplified. Harmonization and standardization enable simpler payment processes with improved processing quality for all market participants in Switzerland.
Attaining the goal in stages
The standardization and harmonization of the payment transaction processes program will be carried out according to the implementation plan defined by the Swiss financial center.