Sibos 2017 Toronto

Switzerland is setting standards in payments – worldwide

20 September 2017

No stone is left unturned in the continuous pursuit of excellence in Swiss payments processing. The financial center is promoting ISO 20022 as the “lingua franca” for extensive harmonization activities that go far beyond interbank transactions.

The recently revamped Swiss RTGS system SIC enables innovative, standardized and efficient payment solutions in the customer-bank sector. This makes Switzerland the only country so far to count on end-to-end adoption of the ISO 20022 standard, thus affecting all households and businesses.

With harmonizing credit transfers, direct debits, notifications, account statements, and replacing all payment slips by their new QR-bill, the Swiss financial industry is simplifying interoperability via various interfaces, end-devices and mobile apps. This is a major step towards digitization and automation – not just in banking and finance, but across the Swiss economy as a whole.

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