The Swiss financial center is implementing the ISO 20022 standard
ISO 20022 is the new standard for the Electronic Data Interchange in the financial sector. Also the institutions of the Swiss financial center are migrating their payment systems to this standard. In connection with this, the various formats and procedures of the banks and PostFinance are being gradually harmonized and create the foundation for digital business processes.
The Benefits of Harmonization
- Reduction in the number of different processes available today
- Increase in processing speed
- Uniform data structuring
- Simpler implementation of regulatory requirements
Who is affected by the harmonization?
Both payers and billers are affected. The relevant players must migrate file-based payments in DTA format to the ISO 20022 standard by June 30, 2018. After this date, Credit Suisse will no longer accept payments in DTA format. Further information can be found using the main menu.