Swiss stock exchange operator SIX and the Swiss National Bank have commissioned a new generation of the Swiss Payment System. It meets the technical requirements for processing instant payments, which allow electronic client payments around the clock.

Before the official market launch on August 20, 2024, around 70 banks will sign up to the IP service. Receipt of instant payments is mandatory for members, as confirmed by a SIX press release on Tuesday. Together, they cover the majority of client payment transactions in Switzerland.

The technical preparations at the banks are in full swing, the statement went on to say. The aim is to be able to provide the Swiss population and businesses with the corresponding end client solutions. The advantages include the immediate availability of received funds, also during off-peak times or at the weekend, for instance. This leaves more leeway for the automation of processes, simplified liquidity management and a lower processing risk.

More Information

Obligatory detailed information which is intended to support the banks and their software partners when implementing solutions at the client-bank interface (e.g. e-banking channel) has been available to the public since December 15, 2023. This information is included in the «Report on the results of the consultation process in 2023 Part I on SPS 2024» and will influence the current relevant implementation guidelines – for bank transfers, status report and cash management.

The new implementation guidelines for the banks will be published in February 2024.

  • The new versions of the implementation guidelines are published here.