The changing world of payments through standardization

The changing world of payments through standardization

ISO 20022 is the new international standard for electronic data exchanges in the financial industry. It is assuming an increasingly key role worldwide, particularly in Europe and therefore in Switzerland.

The Swiss financial center is also introducing this beneficial standard, and also taking the opportunity to harmonize payments and to align with the Swiss ISO 20022 payments standard. This is not just SEPA-conforming, in terms of euro payments, but accommodates all domestic and foreign payment transactions.

Standardized and thus less expensive procedures and new technologies enable the players in Swiss payment traffic to remain competitive and to more efficiently implement the increasing regulatory requirements

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.

ISO 20022 – The new international standard for Swiss payments

The goal of the ISO 20022 standard is to achieve global alignment of electronic data exchanges and thereby a higher level of automation in payments processes.

Readiness – It depends on the software!

List of business software partners in the Swiss financial center that offer ISO 20022 message types.