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Harmonization of Payment Transactions in Switzerland
We will provide you with expert assistance for migrating your payment transaction products to the new standard
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 (e.g. DTA, BESR).
Migration phases – official roadmaps show that changes should be implemented by 2018/2020