New Payment Transactions - Part 4: Software Adjustments - How Far Are the Software Providers?

Payment transactions in Switzerland are being fundamentally renewed. This has far-reaching consequences for all involved. Findea explains in a four-part series of articles what is changing and what adjustments are coming for the participants. This last article shows why software adjustments are necessary, how best to proceed, and how far the software manufacturers have come.

Why are software adjustments necessary?

‍Previously, payment transactions in Switzerland were handled through two different systems; one through PostFinance and one through the other financial institutions. This complicated the exchange of information and orders between the different institutions. With the new payment system, this will now be standardized. However, for this to work, adjustments are needed in the software so that it can process and handle the new standards.

‍What should be considered?

‍Whether and what specific adjustments need to be made depends on the users. It is important to consider what type of software is being used (a custom or a standard version) and how it can be adjusted. Therefore, it is advisable to get in touch with your software manufacturer early on to clarify this.

‍How far are the software manufacturers?

‍Aware of the far-reaching impacts that the new payment system brings, software manufacturers have already begun making adjustments early on. You can find a list of business software providers that offer ISO-20022-compatible solutions here.

If you have any questions, Part 1, Part 2, and Part 3 of our article series or the homepage about ISO 20022 can help you.

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