Credit Suisse Top Stories
  • Harmonization of Payment Transactions in Switzerland

Switzerland will be adapted to ISO 20022

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).

Please note: All timelines and specifications are subject to change and not binding.

Which Products Are Affected? 

Product Changes Introduction from Mandatory from
Transfers incl. reporting
  • Switch to pain.001/002 (ISO 20022)
  • End date of old DTA format mid-2018
Early 2016 Mid-2018
QR code instead of payment slip / ISR
  • The current orange and red payment slips will be replaced by a QR code
  • Introduction starting January 2019
Early 2019 Probably early 2021
Direct debit incl. reporting
  • Switch to pain.008/002 & camt.052/053/054 (ISO 20022)
  • Optimization of e-billing processes
  • Central online portal with app integration
End of 2018 Probably early 2021
IBAN (International Bank Account Number)
  • The existing account numbers will be replaced by IBAN numbers without exception
  • In the future, it will not be possible to process domestic payments or direct debits without an IBAN number
Now Early 2021