Companies

Important information at a glance

The harmonization of payment transactions directly affects your company. Here we will show you what will change. Carry out the update to the new ISO 20022 standard quickly to avoid limitations to payment transactions.

  • Use of standardized software solutions

    Standardized software solutions typically focus on a defined scope of application and support you, for example, in processes linked to accounting, invoicing or payment transactions. If your software provider has not yet made an update for ISO 20022 available, ask when the update will be available.

    We advise you to take the following steps:

    • If an update is available: Carry it out
    • If the update will arrive very late or if the software provider will not be providing one at all, you must investigate alternatives to your current system
    • Configure the required information (e.g. bank details, account numbers and master data)
    • Test the new functions in the PostFinance customer test system
    • Contact PostFinance for functional support

    Use of individual software solutions

    Individually developed software solutions have been adapted to suit the precise needs of a company. Further development of each specific configuration is required in accordance with ISO 20022. Your software partner should help you to adapt your individual software solution to ISO 20022. Your software partner should help you with the modifications.

    We advise you to take the following steps:

    • Contact your software partner
    • If your software partner cannot help you, contact your PostFinance customer advisor
    • Carry out an impact analysis and define your specifications
    • Schedule implementation and testing
    • Your software partner will implement ISO requirements on an individual basis
    • Test your configuration extensively
    • Contact PostFinance for functional support with the subsequent changeover
  • Payment transactions affect all companies

    In principle, the change in payment transactions resulting from the harmonization of formats in line with the ISO 20022 standard affects all companies that transfer money. The extent of modifications now required and the costs incurred depend on a range of factors:

    • Determine which software you use for financial accounting, payment transactions and data transfer
    • If you have more than one software solution, you should also check which interfaces are used to transmit messages from your company to PostFinance
    • Investigate whether and in which areas or functions your software has been adapted to your needs
    • Decide whether you can install and set up updated ISO 20022 software yourself – or whether you need help
    • Check which devices (e.g. scanners for inpayment slips or printers) and forms are affected by the introduction of the new inpayment slip
    • PostFinance recommends organizing the switch to ISO 20022 as a project

    Procedure in phases

    Talk to your software partners about ISO 20022 implementation plans and assess the software solutions you currently use.

    Phase 1: Analysis of the implications

    Analyse the impact on your business processes. Typically, your accounts receivable, accounts payable and salary payment processes will be affected by ISO 20022. Investigate the impact on your systems and the interfaces to PostFinance.

    Phase 2: Planning

    Plan your procedure for implementing ISO 20022 and assess the time required and financial outlay (analysis, procurement of software updates, installation and configuration, etc.) for the project.

    Phase 3: Technical implementation

    Develop and test various implementation variants (depending on the software solutions) and opt for one of them.

    Phase 4: Testing

    Plan and coordinate the test phase with your software partners and PostFinance.

    Phase 5: Introduction

    Depending on the complexity of the solution, you can install and set up the ISO 20022-compatible software yourself – or make use of the support offered by your software partner.
  • Payment transactions with ISO 20022 create added value

    On adapting your payment transaction processes and software solutions to ISO 20022, you may recognize further potential for optimization that you would like to make use of. PostFinance divides the optimization of processes, software solutions, accounts payable/receivable management and liquidity into four stages:

    1. Implementation of ISO specifications without consideration of potential for optimization
    2. Identification of quickly achievable possibilities for optimization on the basis of prompt process analyses (Quick Wins)
    3. Comprehensive analysis of potential for optimization on the basis of detailed process analyses
    4. Cross-sector analysis on optimization of working capital (liquidity, accounts receivable, current stocks and accounts payable)

    Thanks to advice and analysis on working capital management, you can coordinate your processes along the entire value chain and identify and tap into potential for optimization. This will enable you to improve liquidity, capital tie-up and cash flow within your company.

    You can take advantage of our know-how and Swiss Post’s long-standing experience in accounts receivable, accounts payable, liquidity, transport and inventory management.

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