ISO 20022 is the new international standard for electronic data exchanges in the finance industry. It is assuming an increasingly key role worldwide, in Europe and thus in Switzerland. ISO 20022 influences all domestic and international payments.
Harmonization of Swiss payments
The harmonization of payment traffic is a joint project by the Swiss financial center. Future-proof foundations are put in place to make payments processing even simpler and more economical by adapting to the international ISO 20022 standard.
Synergies in the value creation chain will be sustainably exploited between payment service providers, financial institutions and consumers. All players involved shall profit, along with the Swiss economy as a whole. The changes are expected to be completed by 2020 at the latest.