The seven different inpayment slips which are currently in use will be replaced by the QR bill as part of the harmonization of payment transactions. Nicole Walker, Head of Marketing at PostFinance, explains what this mean for companies.
The inpayment slip has outlived its usefulness
Nicole Walker, payment transactions and consequently the various inpayment slips are being harmonized. The latter will be replaced by a QR bill. Why a QR code?
The consumer world is becoming more and more digital. A QR code also takes this changing behaviour into account for payment transactions, as it can be produced on both paper and electronic documents and scanned with a smartphone.
What advantages does the QR bill offer compared to the current slips?
It offers several advantages. The biggest plus is definitely that more universally applicable information is contained in the QR code. This allows for payment transactions without media disruptions. It also means that business customers no longer need pre-printed forms. The QR bill can easily be printed on standard white paper and it can be sent online, as a PDF for example.
What information does the QR code contain?
The ISO Creditor Reference or QR reference (formerly the ISR reference number), the currency, the amount, additional information (formerly messages), a suggested execution date and details of the invoice issuer and invoice recipient. Furthermore, payment processes such as TWINT or registration for e-bill can be integrated into the QR code.
What exactly will change for companies? How will the QR code be implemented?
The entire process will be simplified for invoice issuers and invoice recipients alike. Fee-based full recording will no longer be necessary, as pre-entered additional information is included in the QR code as standard for incoming payments. In addition, thanks to the structured procedure (the current inpayment slip with reference number), business customers can also insert additional information into the QR code which will then be notified. This notification can be used for internal processes.
What should companies do if they have not yet got to grips with this topic?
The best thing for them to do is to contact their software partner to discuss the procedure and plan its implementation. All the relevant information and the Implementation Guidelines can also be found on the Payment Standards page of SIX Interbank Clearing.
When does the changeover to the QR bill have to be completed by? How does the timetable look?
Migration to the ISO 20022 standard must be completed in full before the changeover to the QR bill can take place from 2019. This gives all affected parties enough time to modify their software to meet the new requirements. There will also be a transition period during which it will be possible to use both the old inpayment slips and the new QR bills with number section.