Harmonization of Payment Transaction in Switzerland 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.