General Information


ISO 20022 Standard

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.

ISO 20022 Standard Introduction

The ISO 20022 standard creates new, uniform formats for the exchange of financial messages between clients and banks, and also among banks. The ISO Standard 20022 is based on XML (Extensible Markup Language) syntax. Switzerland defines a country-specific standard for payment operations (SIX Interbank Clearing in cooperation with the financial institutions), based on the standardized SEPA process.

Advantages of the New Standard

The main advantages of the new standard are:

  • Reduction in the large number of fund transfer and direct debit procedures that are used by the Swiss financial institutions.
  • Clear account numbers in IBAN format for all Swiss payments reduce typographical errors and the need for follow-up questions or rejections by banks, thereby making funds available more quickly and lowering costs.
  • New “end-to-end” references enable the automatic identification of a payment by senders and recipients, because they must be transmitted by all participating banks to the payer and payee in every case.

Message Flow for Transfers and Debit Advice in the New Standard

ISO 20022 Standard

Secondary Content