Credit transfers

The existing credit transfer schemes of the banks (DTA) and of PostFinance (EPO/ECA/ISR) will be harmonized using the ISO 20022 standard. Payment instructions at the customer-bank interface will be processed as pain.001 messages (Customer Credit Transfer Initiation) and status messages as pain.002 (Customer Payment Status Report). The IBAN will be used exclusively as the primary identification feature for a bank account connection as of 2020.

These changes shall ensure more efficient transaction processing through uniform bank-independent standards, both across Switzerland and crossborder. Every payment will be unambiguously identified with the new end-to-end reference. This enables, among other things, the automatic allocation of repayments. The exclusive use of account numbers in IBAN format reduces errors and increases the straight-through processing (STP) rate.

Changes

  • The proprietary standards and schemes (EPO, ISR, ECA, SIC and DTA) will be replaced both in interbank and customer-bank payments.
  • Credit transfers in customer-bank data exchanges shall take place in accordance with the ISO 20022 standard. Payment instructions and status messages as pain messages, account statements (day-end and intraday) and debit and credit notices as camt messages.
  • The IBAN will be used exclusively for bank and post account numbers.

Transitional phase

  • The precise duration of the parallel operation in the customer-bank data exchange can be defined by each financial institution according to its and/or its customers' needs. Basically, the parallel use of the current standards and formats (e.g. DTA, EPO) and the new ISO 20022 message standards is possible between 2015 and 2018.
  • SWIFT MT messages are not affected and will be further supported.