Credit transfers

The Swiss credit transfer schemes were harmonized using the ISO 20022 standard. Payment instructions at the customer-bank interface are being processed as pain.001 messages and status messages as pain.002. The IBAN will be used exclusively as the primary identification feature for a bank account connection for bank and postal payments as of March 2020.

These changes shall ensure more efficient transaction processing through uniform bank-independent standards, both across Switzerland and crossborder. Every payment will be unambiguously identified with the new end-to-end reference. This enables, among other things, the automatic allocation of repayments. The exclusive use of account numbers in IBAN format reduces errors and increases the straight-through processing (STP) rate.

Transitional phase

  • The precise duration of the parallel operation in the customer-bank data exchange can be defined by each financial institution according to its and/or its customers' needs. Basically, the parallel use of the current standards and formats (DTA) and the new ISO 20022 message standards is possible until end-2018.
  • SWIFT MT messages are not affected and will be further supported.