The key points at a glance

What does the harmonization of payment transactions mean and what needs to be done?

The Swiss financial center has decided to harmonize payment transactions with the ISO 20022 standard. In doing so, it is strengthening its competitive edge and laying the foundations for digitization. It also means that all companies in Switzerland will have to adapt their financial software.

  • At PostFinance, the current standard will no longer be supported from 1 January 2018. As a PostFinance customer, we recommend that you therefore start the updating process immediately. The update entails varying degrees of effort, depending on your company’s needs.

  • Ask your financial software provider about the availability of an update to the ISO 20022 standard. Most updates are already available or are soon to be released. You will need to carry out the update by the end of 2017 at the latest to ensure that your payment transactions with PostFinance continue to run smoothly after 1 January 2018.

  • If you do not change to the new ISO 20022 standard in time, you will no longer be able to make payment transactions via PostFinance as usual after 1 January 2018.

    • Consistent use of IBAN numbers
    • Simplification of standards
    • Simplification of payment transactions abroad
    • Harmonization of technical formats in bank and Swiss Post systems
    • Compliance with the requirements of the Anti Money Laundering Act and other statutory provisions
    • QR code replaces the current inpayment slips
    • Establishes the foundations for digitization