Financial institutions: Migration through their own efforts

Financial institutions: Migration through their own efforts

Financial institutions are basically responsible for their own systems' migration to the QR-bill. They are also independent when it comes to the information and cooperation with bank customers and software partners.

As a financial institution, you should support your customers during the migration. It is important that you:

  • Inform your customer representatives about the situation early on and integrate them into your migration plans;

  • Make the positions in charge within your organization aware that the migration is mandatory from a regulatory perspective. Only with a compliant migration can you adhere to the rules stipulated by the Money Laundering Act and other regulations;

  • Make your business customers aware of the advantages, the time sequence, the necessity and the specific steps involved in the migration;

  • Show your business customers what they specifically must do during the migration. Especially point out to your business customers that they should involve their IT department or software partner;

  • Inform your business customers that, in addition to questions about software (e.g. about updates to programs and interface) questions concerning hardware (e.g. reading devices for the new inpayment slip of the printers needed) may arise.

The facts in brief

  • The current payment slips will be replaced by the QR-bill. Therefore, as a financial institution, you must be able to process your customers’ QR-bills.
  • Encourage your corporate customers, as billers, to migrate to the new QR-bill and camt messages for payment credits.
  • You can determine the exact duration of parallel operation for your financial institution, as long as the end date for parallel is not yet set.
  • Instruct your customers that when purchasing a new reader for the new QR-bill they must make sure that it supports the QR code.