SME update

Swiss payment transactions are being harmonized

From 1 January 2018, payment transactions via PostFinance will only run in accordance with the new ISO 20022 standard. Swiss companies must modify their financial software in good time to ensure that payment transactions can continue to run smoothly in the new year. With this measure, the Swiss financial center is contributing to competitiveness and establishing the foundations for digitization.

  • All companies in Switzerland must modify their financial software. PostFinance recommends starting the migration process without delay, because the changeover entails varying degrees of effort, depending on each company’s needs.

    The harmonization of payment transactions to the ISO 20022 standard will simplify the current standards. For companies, this creates opportunities for digitization and the optimization of current assets.

  • The harmonization affects all Swiss payment transactions. Software products must be adapted to the requirements of the new ISO 20022 standard.

    The extent of the modifications required for Swiss SMEs varies greatly depending on needs and may involve test phases. To avoid problems with customers, PostFinance recommends delivering the required updates immediately, at the latest by the end of June 2017.

  • Ask your financial software provider whether the required update is available. If the update has not yet been published, ask for a binding schedule. You will need to do this by the end of 2017 at the latest to ensure that you can continue to process your payments as usual with PostFinance after 1 January 2018.

    Talk to your PostFinance customer advisor. The conversion of your software must be completed on our site.
  • Create a binding roadmap. Make your schedule available to both your customers and us at PostFinance. Use our test platform to validate your development work.

    • Consistent use of IBAN numbers
    • Simplification of standards
    • Simplification of payment transactions abroad
    • Elimination of duplication 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

Current status of software partners

Our software partners are in the process of preparing the necessary updates. The transition to ISO 20022 readiness will be carried out gradually. Follow the link below to find the timetables for many manufacturers. If, contrary to expectations, your software will not be updated, we will be happy to help you find an appropriate solution.

Background to the harmonization

The harmonization of payment transactions is a project being undertaken by the Swiss financial center. Find out about the importance and impact of the project.