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
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