General Information

Harmonization of Payment Transaction

We support you professionally during your migration to SEPA/XML

Harmonization of Payment Transaction

We support you professionally during your migration to SEPA/XML

Beginning on February 1, 2014, Europe has started to migrate national payment transaction processes to SEPA (Single Euro Payments Area) and therefore to the new ISO 20022 standard. Switzerland, too, will standardize national corresponding payment transactions by 2018. The ISO 20022 standard creates new, uniform formats for financial messages, among other things. One of the advantages of these formats is that processing becomes more efficient for all market participants.

Harmonization of payment transactions in Switzerland

Following the mandatory introduction of SEPA in Europe, the ISO 20022 standard is also gaining considerable significance at an international level. The Swiss financial center has therefore decided that it, too, will harmonize payment transaction processes and switch to the ISO 20022 standard. This should achieve the following objectives:

  • Reduce the number of different processes
  • Use a uniform technological standard
  • Ensure harmonization with European rules

What does it mean for you, as a Credit Suisse client?

  • To ensure your transition to the new standard is as smooth as possible, Credit Suisse will support its current payment transaction methods and systems until at least 2018.
  • This means that, during this transition period, you will still be able to use the payment order formats currently used in Switzerland.

How Can You Benefit from Harmonized Payment Transactions?

  • Unique account numbers in IBAN format for all Swiss payments result in faster availability of funds and fewer costs, since typographical errors are reduced, and therefore also the number of questions and rejections received from banks
  • Standard validation of your file deliveries for all financial institutions increases the processing quality and leads to easier handling for recurring payments

You can find further useful information on the harmonization of payment transactions on the following page. 

Secondary Content

Advice and Contact


Bonviva Banking Packages

Purchase Orders & Downloads

We will gladly provide you with copies of our Brochures & Publications free of charge.