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SEM update: Time for an update

The main impact of the harmonization of payment transactions in Switzerland on PostFinance's SME customers is that they will need to update their financial software. PostFinance supports its customers in the transition. By harmonizing Swiss payment transactions, the Swiss financial center is simplifying a variety of norms and standards and increasing efficiency in payment transactions, among other things. All market players are affected by this harmonization.

For PostFinance's SME customers, updating their financial software to ISO 20022 is a key step in this process

During the changeover, it is important to PostFinance to provide its customers with information and offer them personal, tailored support. Once the software update is available, PostFinance will contact its SMEs by letter, asking them to update their software by a specific date.

Until then, SMEs do not need to take any action – PostFinance will notify its customers in due time and will support them during the procedure.

SME customers can find information on the current status of the software as well as on the harmonization of payment transactions in Switzerland at postfinance.ch/update.