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
Based on ISO 20022 standard, the harmonization of Swiss payments makes payments processing even simpler and more economical. This applies as well to the QR-bill.
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 in Switzerland's payment traffic shall be completed by 2020.