Financial institutions: Migration through their own efforts

Financial institutions: Migration through their own efforts

Financial institutions are basically responsible for their own migration to ISO 20022. They are also independent when it comes to the information and cooperation with bank customers and software partners.

The migration and harmonization of payments to ISO 20022 impacts all bank customers. Particularly business customers that use individual or customized payment transaction software will be confronted with consequences

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

Regulatory requirements (e.g. Anti-Money Laundering Act)

Banks, software partners and business customers must be aware that, from a regulatory perspective, there is no way around the migration to ISO 20022.

Credit transfers

  • Business customers will only be able to submit payments with the pain.001 message (customer credit transfer initiation) after mid-2018. At the same time, they must be able to receive pain.002 messages with which the banks can inform their customers about the status of the payment instructions transmitted.

  • Nevertheless, it is possible that business customers may not yet have placed the IBAN in their accounting software. Inform them that they must also use the IBAN for their domestic payments from 2020.

Cash management (notifications/account statements)

  • Recommend that your customers also switch to notification on camt messages during the migration to pain message to ensure the straight-through processing of the data.
  • As a financial institution you must ensure – along with your internal and external software partners – that you can provide your business customers account statements at the end of the day with the camt.053 message. If you also offer intraday account statements or debit and credit notices, these too must also be migrated to ISO 20022 (camt.052 and camt.054).

Direct debits

  • The functionalities of the various direct debit systems operated by the banks and PostFinance shall be depicted in one market solution.
  • The foundations of the new solution are currently being established. Further information shall become available in the course of 2018.
  • Until further notice, it will still be possible to transmit direct debits – depending on the bank's offer – with the pain.008 message, based on the ISO 20022 standard, or with TA 875.
  • Instruct your business customers that they should make the migration as simple as possible for all participants. The work required by payment recipients should be kept a minimum and be avoided entirely among payers.


  • Today's payment slips will be replaced by the QR-bill's QR code payment part. Therefore, as a financial institution, you should be able to process your customers’ bills with pain messages according to the new processing method.
  • Motivate your business customers, as creditors, to switch to the QR-bill and camt messages for credit notifications (camt.054).
  • As a financial institution, you can set the precise duration of the parallel operation yourself. 
  • Instruct your customers that when purchasing a new reading device for the new QR-bill, that they must make sure that it supports the QR code.




Datasheet for financial institutions and software providers


PostFinance ISO Messages for Banks

Mapping Rules pacs.008 to ESR Typ 3 and Type 4


Harmonization of Swiss Payments

What companies need to know.