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Payment Transaction Standardization
Migration of European Payment Transactions to SEPA
Europe is synchronizing euro payment transactions in 30 EU and EEA countries. Under the synchronization plan, national euro payment transaction processes and systems will begin to be disbanded in February 2014 (euro countries) and February 2016 (non-euro countries) – to be replaced by standardized SEPA processes.
Migration of Payment Transactions in Switzerland
Following its mandatory introduction in Europe, ISO 200022 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 ISO 20022 with the following objectives:
- Reduce the number of different procedures
- Reduce the number of standards and formats to a single payment data record
- Ensure harmonization with European rules
How are you impacted as a Credit Suisse client
To ensure your transition to the new standard is as smooth as possible, Credit Suisse will be retaining its current payment transaction methods and systems until at least 2018.
Therefore the submission of your payment transfers in the Swiss legacy formats (e.g. DTA, BESR) will still remain.
The IBAN (International BankAccount Number) will gradually replace the proprietary format of your client’s and partner’s account numbers for all your Swiss and European payment transactions. The official SIX IBAN calculator tool may support you to transform old account numbers into IBAN. Increase use of the IBAN format whenever possible. The International BankAccount Number is highly standardized. And it is required for to release a valid SEPA payment. SEPA payments are quick and generally costly in execution. Therefore it is worthwhile to scan through your master data for old account numbers.
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