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. This is divided into three migration stages.

Standardization and harmonization of the payment transaction process impacts all market participants. Due to the dependencies between the provision of new messages types by the financial institutions and the use thereof by bank customers, the phased migration by the various players is central for a smooth and efficient migration process. Therefore, coordination of the migration process in tandem with the respective financial institution and its software partner is recommended.

The first stage, involving the provision of the new credit transfer scheme based on ISO 20022 in the interbank sector, is completed. The new message types are already being successively introduced by financial institutions. The main migration phase will take place starting mid-2016 with the change-over of credit transfers and notifications (account statements). A subsequent phase will involve combining the direct debit procedure with e-billing. The new QR code replacing all current payment slips will be implemented in the final stage, since the new message types for credit transfers and notifications are prerequisite for this.