Payment Area

Global network

Of customer payments amounting to CHF 6,946 billion, more than one-fifth are cross-border transactions. In 2015 a total of around CHF 1,500 billion was transferred from Switzerland to another country or vice versa, more than one third in euro. The Swiss economy is intricately connected with the rest of the world. ISO 20022 will simplify payment transactions to and from other countries and facilitate the exchange of goods and services. Harmonization will extend an increasingly digital value chain to include payment traffic and help create more favorable economic conditions for business overall. This in turn has the potential to boost the entire economy and Switzerland’s attractiveness as a place to do business. More

Euro payments area

The Single Euro Payments Area (SEPA) comprises 34 countries including Switzerland and Liechtenstein. In August 2014 all EU states migrated their national payment systems to SEPA and in conjunction with this to ISO 20022. Collaboration within the SEPA is based on private-law contracts between the European Payments Council (EPC) and the financial institutions. The EPC, an alliance of banks and banking associations from across Europe, defines the rules for all standardized and international payment schemes in the SEPA. All countries undertake to keep to these rules. The bank-client relationship is not directly affected. However, certain standards can only be complied with if they are adopted by the clients of financial institutions; this will be the case for the changeover to ISO 20022.

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