Switzerland Embraces Instant Payments Across Financial Institutions

Switzerland Embraces Instant Payments Across Financial Institutions

(IN BRIEF) Switzerland launched instant payments on 20 August 2024, with around 60 financial institutions now able to process these transactions, covering over 95% of Swiss retail payments. Instant payments allow for immediate account-to-account transfers, 24/7, offering significant benefits such as reduced risk and instant fund availability. By the end of 2026, all retail financial institutions in Switzerland will be integrated into the system. This launch follows the successful implementation of a new central payment system in 2023, marking a significant advancement in the country’s cashless payment infrastructure.

(PRESS RELEASE) ZÜRICH, 22-Aug-2024 — /EuropaWire/ — Switzerland has officially launched instant payments, a groundbreaking advancement in the country’s financial services sector, on 20 August 2024. With approximately 60 financial institutions now equipped to receive and process instant payments, over 95% of Swiss retail payment transactions are covered, marking a significant step forward in the efficiency and speed of financial transactions within the country.

By the end of 2026, all financial institutions involved in retail payments in Switzerland will be integrated into this system, ensuring comprehensive coverage. Already, several institutions have begun offering instant payment services to customers, with more banks expected to follow suit in the coming months.

Instant payments enable both individuals and businesses to complete account-to-account transactions instantly, with final settlement occurring within seconds, available 24/7, including public holidays. This new capability offers substantial benefits, such as immediate fund availability, reduced risks due to shorter settlement chains, and enhanced opportunities for process automation for companies and banks.

While traditional transfer methods remain available, the Swiss National Bank and SIX Interbank Clearing Ltd foresee instant payments becoming a standard in Switzerland over time, paving the way for further innovations in cashless payment systems.

This milestone follows the successful implementation of a new central Swiss payment system in November 2023, demonstrating the collaborative effort of stakeholders to drive the future of cashless payments in Switzerland.

About SIX
SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
www.six-group.com

Media Contact:

Jürg Schneider
Media Relations
Head Media Relations
Tel: +41 58 399 2129

SOURCE: SIX