Information on ISO 20022
Step-by-step harmonisation under ISO 20022 means more comfort and technical standardisation for our corporate and private clients.
Thanks to the transnational standard, all payment transactions will be standardised, and the previous multiplicity of procedures will be reduced in favour of comfortable processing and uniform technical norms.
The advantages of ISO 20022 for companies
Lower administrative burden
Thanks to the transition to IBAN as an unambiguous account identifier, payment entry errors, clarifications, and rejections by the bank are reduced, lowering the administrative burden on both sides.
Lower IT budget
The future standards for order and status notifications make software solutions less complex and easier to maintain.
The standardised file validation across banks increases the quality of processing and ensures further time savings.
The standardised payment processes permit the automatic identification of payments, thus increasing efficiency. Scanning of the QR code of the new payment slip and the data contained therein, which is always structured in the same way, also contribute to simplified payment entry.
Regulatory requirements such as the obligations under money laundering law are upheld by the ISO 20022 standard.
Time schedule for implementation of the ISO 20022 standard
The payment transaction processes are being implemented according to the implementation schedule defined by the Swiss financial centre. This schedule is broken down into several migration stages. The changes are to be completed by 2020 at the latest.
To clarify and implement the necessary measures with your IT department and your software provider, we are making the following overview available.