22 January 2018
visit www.ebaday.com

Swiss banks finish migration to ISO 20022

06 December 2017  |  1829 views  |  0 Source: SIX

208 banks have completed the migration to the new ISO 20022 technology standard on schedule.

This means all participants on the SIX Interbank Clearing payment system are ready for the next step: switchover of payment transactions for their business customers by the end of June 2018. From this time onward, all payment transactions will be processed using only ISO 20022. This will make the process much easier for all market participants and will strengthen the competitiveness of the entire Swiss financial and economic center.

Back in 2016 SIX Interbank Clearing Ltd set the foundation for a forward-looking payment system by converting the entire SIC system into ISO 20022. This resolute and internationally unique step made it possible for banks to carry out their own migration efficiently, enabling them to complete the migration, as planned, by the beginning of December 2017.

The focus is now on the next important milestone: the switchover of business customers' accounting software to ISO 20022 by the end of June 2018. Companies that have upgraded their accounting software to the new standard can continue to execute their payments smoothly and reconcile account movements automatically. In addition, ISO 20022 provides them with an important technical precondition for replacing payment slips with the QR-bill.

With ISO 20022, Switzerland is implementing an international standard in the financial sector which reduces the multiplicity of systems and formats, improves the quality of data, and enables seamlessly integrated payment and control processes. Payment transactions will be more digitized, and once the QR-bill has been launched, all information necessary to comply with the due diligence requirements can be processed end-to-end.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comvisit www.capgemini.com

Top topics

Most viewed Most shared
BofA leads on blockchain patentsBofA leads on blockchain patents
8676 views comments | 12 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
8607 views comments | 14 tweets | 14 linkedin
Banks shift priorities toward growth, digitisation and innovation - surveyBanks shift priorities toward growth, digi...
8064 views comments | 33 tweets | 40 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
7512 views 1 | 8 tweets | 2 linkedin

Featured job

Competitive base + commission + benefits
London, UK

Find your next job