The new payment transactions - Part 1: What is changing?

Switzerland is revolutionizing its payment transactions for more efficiency and transparency - Findea examines the impacts and necessary adjustments.

2017

The new payment transactions - Part 1: What is changing?

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The payment system in Switzerland is being fundamentally renewed. This has far-reaching consequences for all parties involved such as financial institutions, companies, software manufacturers, and private individuals. Findea explains in a four-part series of articles what is changing and what adjustments are coming for the stakeholders. This first article explains why this change is happening and what is affected.

Why is it changing?

‍The new payment system is expected to make processes simpler, more efficient, and more transparent. Currently, there are two different payment systems in Switzerland, one by PostFinance and one by the banks. Each system uses different standards. By introducing a unified system following the international standard ISO 20022, only one standard will be used in the future. This should simplify processing, leading to lower costs. It also creates more transparency, which should help in the fight against money laundering. Furthermore, the international standard ISO 20022 achieves harmonization of the payment system in Europe.

‍What changes?

‍The four areas specifically affected are transfers, direct debits, notification & reporting, and payment slips.

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