The latest edition of CLEARIT, the Swiss quarterly professional journal for payments.
June 2017 edition
Table of contents
Editorial by Léonard Bôle, FINMA
- Compared with international standards, FINMA has broken into new territory, said Léonard Bôle, Member of FINMA’s Executive Board. The aim of the new adjustments in the field of payment services is to remove any unnecessary obstacles which disadvantage certain technologies while providing a clear regulatory framework.
The harmonization of payments fits within the Federal Council’s concept
- Federal Councilor Johann Schneider-Ammann welcomes the initiative of the Swiss financial center for the harmonization and digitalization of payment traffic. In an interview he emphasizes the opportunities that the digital transformation of the economy offers and that the Federal Council seeks therefore to make the necessary leeway available. He also mentions fintech regulation, cyber security, digital identity and the relationship with the EU – all integral components of the Federal Council’s “Digital Switzerland” Strategy.
“The next stop in payment traffic” – the countdown is running
- The starting gun went off on 30 March 2017 for the information campaign by PaymentStandards.CH/activating. Under the motto “Harmonization of payments – the countdown is running”, representatives of the SIX Interbank Clearing Ltd Board of Directors and other notable speakers explained the harmonization in front of live cameras and officially introduced the new QR-bill for the first time. The media echo was very large and thoroughly positive.
Added value of the harmonization put to the test
- With the harmonization, the Swiss financial center has charted the course in payment traffic for the whole of Switzerland. Every household and every company must make adaptations, beginning with their own habits, to simple software updates and on through to substantial investments in IT systems. Is this effort and expense worth it for Switzerland and can it be justified? To get to the bottom of these questions, the financial center commissioned a study by the consulting firm Deloitte in 2016.
The payment slip is becoming history
Migration to ISO 20022 – homestretch or just the starting gun?
- Major differences are currently obvious when it comes to the migration to the ISO 20022 standard. While in the interbank sector the migration is proceeding according to plan, potential for improvement remains in the customer-bank area. SIX Interbank Clearing supports banks and software companies with communication measures.
Collecting of claims in Switzerland
- Claims management involves the efficient hedging and collecting of claims with the aim of avoiding payment defaults and sustainably ensuring the liquidity of a company. The organization of claims management in companies can be divided into four components: credit assessment, contract design, accounts receivable and collection, including dunning.