Reaching the goal in stages
The standardization and harmonization of payment transaction processing program is proceeding according to the implementation plan defined by the Swiss financial center. This is divided into three migration stages.
Standardization and harmonization of the process impacts all market participants. The phased switchover by the various stakeholders is central for a smooth and efficient migration process. This is because bank customers can only benefit from the improvement of their payment traffic if the new message types have already been prepared by the financial institutions. Therefore, coordination of the migration process in tandem with the respective financial institution and its software payment is recommended.
The first phase, provision of the new credit transfer procedure based on ISO 20022 in the interbank sector, is already completed. The new message types have already been introduced by the financial institutions. The main migration phase is taking place through the end 2018 with the migration of credit transfers and notifications (account statements). The QR-bill, which replaces all the currently used Swiss inpayment slips, will be launched in mid-2020.