The crucial role of the software partners
As a software partner – i.e. as a software producer, software provider, IT consultant or an IT department within a company – you will play an essential role when it comes to the migration of payment traffic.
You are THE hub between business customers and financial institutions. Please note that:
The Swiss payment traffic migration program is complex and represents major challenges for software producers, companies and financial institutions alike.
- The central steps and joint plans of the Swiss financial center are defined and set. Therefore, the deadlines for the various phases and stages are binding for software producers.
As a software partner, you must be aware that, from a regulatory perspective, there is no way around the migration to ISO 20022. If your software does not support the new standard then it will no longer function in a legally-conforming manner.
The migration of Swiss payment traffic to ISO 20022 is the prerequisite for adhering to the standards of the Anti-Money Laundering Act and other regulations.
ISO 20022 as an opportunity
Not only processes in the payments area and the corresponding software modules and products are affected by the changeover to ISO 20022. Experience shows that companies are using the migration to review their process and system landscapes. There are opportunities for companies, particularly in the realm of cash management and working capital management.
Here you can offer your customers real added value as a software producer and IT service provider. Therefore we recommend that you use the migration for the analysis and implementation of improvements, service packages and consultation services.
These need not be limited to payments, but can include your entire range. In this way, the migration offers a real opportunity to distinguish yourself.
Recommendations for software partners
The following procedure is recommended to match the requirements of ISO 20022 with your software services:
Analyze the consequences for your products and customers. Evaluate which functions and modules are affected by the migration and to what degree.
Evaluate the message and notification types your customers work with today and which requirements and potentials exist for additional products and services.
- Implementation of ISO 20022
Integrate the ISO 20022 requirements in your product development. Define in which software release which adaptations shall be implemented for which customers. In the process, observe the migration plan which is to be adhered to.
Plan and coordinate the testing. The most important information about validating software can be found under "Testing". Comprehensively test your configuration on the SIX validation platform or, if offered, on the test platform provided by the financial institution where you keep your account.
- Rollout and Support
Consider when and how you will inform your providers, customer consultants and customers and how the rollout and support are to be handled.
Readiness – It depends on the software!
List of business software partners in the Swiss financial center that offer ISO 20022 message types.
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.