Payment Transactions Harmonization of Payment Transactions
Harmonization of Payment Transactions
The ISO 20022 standard brings with it many advantages in national and international payment transactions, since processing becomes more efficient for all market participants.
Expert Support for SEPA/XML Migration
Europe is migrating national payment transaction processes to SEPA (Single Euro Payments Area) and therefore to the new ISO 20022 standard. Switzerland, too, will standardize national payment transactions accordingly by 2018. The ISO 20022 standard creates new, standard formats for financial messaging. One of the advantages of these formats is that processing becomes more efficient for all market participants.
Harmonization of Payment Transactions in Switzerland
Driven by the mandatory introduction of SEPA (Single Euro Payments Area) in Europe, the ISO 20022 standard is increasingly gaining international significance. Switzerland, as a financial center, has therefore decided that it, too, will harmonize payment transaction processes and convert to the ISO 20022 standard.
What Does This Mean for You as a Credit Suisse Client?
To ensure that your transition to the new ISO 20022 standard is as smooth as possible, Credit Suisse will be retaining its current payment transaction methods and systems until at least 2018. You can continue to use the payment order formats currently used in Switzerland during this transition period.
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 processing quality and leads to easier handling for recurring payments.
- The uniform payment slip planned for mid-2018 will be replaced by the QR code in the coming years. This step is necessary, since future regulatory requirements and market needs will require an extension of the data content. Details, such as new specifications and amended deadlines, will be communicated in April 2017.