Standardized data format

ISO 20022 will replace all technical interfaces previously in place between bank clients and financial institutions. In the future, all the information for transfers will be sent and received in XML format, and to this end the previous formats used by Postfinance and the other banks will be harmonized. XML is superior to the old data formats, both structurally and in terms of content. The data fields allow considerably more characters. All payment and control processes are seamlessly integrated and, following the changeover to ISO 20022 and the new message types, are much more efficient and economical in design.

Partners working hand in hand

All communications between enterprise resource planning (ERP) software and financial institutions will be in XML format. This means any biller with software-based accounts receivable, accounts payable, and payroll accounting will also have to migrate its systems to the new standard. Financial institutions are supporting their clients with the changeover, and for several years have been working closely with the software industry to make sure updates are available in good time. Many ERP providers have already launched software modules and are actively working to ensure a timely, successful transition.