Payment traffic subject to tight requirements
Increasing digitization is fundamentally transforming private and business life. More and more business processes and everyday tasks are being digitally facilitated, controlled, and accelerated. One result of this is that business and private customers expect more from payment processes: When they transfer money they want rapid processing, intuitive applications, and highly secure processes – and it is the business of financial institutions to make sure these requirements are met.
Automated end to end
By harmonizing payment traffic, the Swiss financial industry is taking a further step into the digital future. Following the introduction of ISO 20022 across the board, all financial institutions in this country are working with a single payment credit transfer scheme. This will substantially reduce the number of interfaces between system participants and the gaps in the information process, and streamline a system that has become increasingly complex over the course of time. Coupled with the new QR-bill, this lays the cornerstone for end-to-end automation of payment transactions.
Once electronic payment traffic has been harmonized the e-billing process will also be substantially simplified.
A boost to the digitization of Switzerland
The harmonization of payment traffic is facilitating the transformation of business processes and a structural change driven by new technologies that is impacting the whole of business and society. Payment traffic is an important factor driving the digitization of Switzerland.
Responsible structural change
Payment traffic is of key importance for all sections of the population. In recognition of this, Swiss financial institutions are showing a great deal of responsibility in their efforts to bring about digital transformation. They are aware that the transition will only succeed if it is carefully geared to different lifestyles and corporate models. For this reason, even after the introduction of the QR-bill it will still be possible to read all the information necessary for a payment without technical equipment. And it will also still be possible to make payments by mail and at the post office counter as before.