The variety of current payment instruments is reduced, standardized and simplified. Harmonization and standardization enable simpler payment processes with improved processing quality for all market participants in Switzerland.
The changing world of payments through standardization
ISO 20022 is the new international standard for electronic data exchanges in the financial industry. It is assuming an increasingly key role worldwide, particularly in Europe and therefore in Switzerland.
The Swiss financial center is also introducing this beneficial standard, and also taking the opportunity to harmonize payments and to align with the Swiss ISO 20022 payments standard. This is not just SEPA-conforming, in terms of euro payments, but accommodates all domestic and foreign payment transactions.
Standardized and thus less expensive procedures and new technologies enable the players in Swiss payment traffic to remain competitive and to more efficiently implement the increasing regulatory requirements
The new payment traffic delivers clarity, efficiency & security
Attaining the goal in stages
The standardization and harmonization of the payment transaction processes program will be carried out according to the implementation plan defined by the Swiss financial center.
ISO 20022 – The new international standard for Swiss payments
The goal of the ISO 20022 standard is to achieve global alignment of electronic data exchanges and thereby a higher level of automation in payments processes.
Readiness – It depends on the software!
List of business software partners in the Swiss financial center that offer ISO 20022 message types.
Swiss ISO 20022 market practice in the international limelight
Today’s Sibos newspaper features the new ISO 20022-compliant payment system that was launched by SIX Interbank Clearing in April 2016. The newspaper published in connection with this year’s annual gathering for international financial market service providers in Geneva.
New list of business software vendors
Currently, the compilation consists of 60 ERP providers offering ISO 20022 message types.
Business software vendors survey outcome
Of around 250 business software vendors invited to take part, nearly 90 responded to the PaymentStandards.CH survey conducted in spring 2016.
About 60 financial institutions in Switzerland and Lichtenstein have ordered printed copies of the brochure regarding the harmonization of Swiss payment traffic. More than 150,000 business customers throughout both countries will receive the information printed in German, French, Italian and English in the common weeks, drawing their attention to the migration to the ISO 20022 standard.
The harmonization brochure in Italian
In short in Italian: what companies need to know about the harmonization of Swiss payments. What is changing with credit transfers, direct debits, e-bills and payment slips?