SIX and PostFinance agree to cooperate on e-billing and direct debits
SIX Group Ltd and PostFinance Ltd have signed a cooperation agreement to provide e-billing services to e-banking clients as well as interbank direct debits. SIX and PostFinance are aiming to achieve an e-billing solution for e-banking clients across Switzerland which will also facilitate interbank direct debits with all Swiss banks. As part of this cooperation arrangement, PostFinance will acquire a stake in SIX Paynet Ltd.
The new solution was devised and configured by SIX and PostFinance, together with banks, with a view to achieving standardization. The combined e-billing and direct debit scheme will greatly simplify the billing process for billers within Switzerland. In future, standardized processes will enable billers to reach all e-banking customers at banks or PostFinance.
The cooperation arrangement will link PostFinance to the 90 or so banks that are already connected to the Paynet platform. Plans are in place for PostFinance to migrate to the Paynet e-billing solution by 2019 and to deliver interbank direct debits to Paynet. At the same time, PostFinance will acquire a minority stake and certain participation rights in SIX Paynet Ltd, which will subsequently operate as a joint venture. This cooperation arrangement will deliver cost savings for all market participants, an improved customer service and full interoperability between all banks (including PostFinance) in Switzerland.
The cooperation must be approved by the relevant competition authorities prior to implementation, and the necessary applications have already been submitted.
If you have any questions, please contact Jürg Schneider, media spokesperson for SIX and Johannes Möri, media spokesperson for PostFinance.
SIX Group Ltd
+41 58 399 2129
+41 58 338 3032