The Swiss financial industry has released recommendations on exchanging of data between customers and banks based on the ISO 20022 definitions in the payments and Cash Management areas. A validation platform supports the consistent use of the ISO 20022 messages.
SIX Interbank Clearing is involved in several committees focused on questions of standardization concerning the national and international payment traffic. It thus contributes to Swiss banks being able to set up products and services in a timely fashion and to do so on solid and market-driven platforms while facilitating the smooth operation of payments.
IBAN is the international standard for the presentation of an account number.
Recommendations to the Swiss financial center on implementing the EBICS Standard.
The creation of the Single Euro Payments Area (SEPA) is an EU public authorities’ integration initiative in the area of electronic euro payments. The SEPA zone comprises 34 countries, including Switzerland and Liechtenstein.
Payments in DTA format
Companies and individuals can enter payments in DTA format electronically and have them transferred from their bank accounts.
UN/EDIFACT is the acronym for the United Nations/Electronic Data Interchange for Administration, Commerce and Transport.
IBAN Tool update
IBAN tool (Java and Windows) and installation guide are updated.
First edition of the Implementation Guidelines for Status Report
In addition to the new Swiss ISO 20022 Implementation Guidelines for Status Report most of the other guidelines as well as the Swiss Usage Guide have been revised.
Why ISO 20022 matters to the financial industry
Looking back at last week's ISO campaign to raise awareness of the importance of standards for driving economic growth and improving the quality of services.
New Implementation Guidelines for ISO 20022 interbank messages
The following new Implementation Guidelines for the SIC Platform Release of 18.11.2016 are available: Settlement Account Query (camt.003), Query Response (camt.004), Settlement Order Modification (camt.007) and Liquidity Reservation (camt.048).
SIX Interbank Clearing is an EBICS shareholder
Following successful negotiations with the Brussels-based EBICS s.c.r.l., Swiss participation in the company was yesterday approved by the EBICS General Assembly.
Dealing with AOS
Additional Optional Services (AOS) are payment services offered by financial institutions that relate to the ISO 20022 standard. The term is used not only in Switzerland, but also in other countries, for instance, in relation to SEPA. These services come into play when individual providers would like to offer their customers concrete added value that goes beyond the SEPA conventions.
Migration to ISO 20022 in progress
The new Swiss RTGS platform will commence productive operation on 16 April 2015. Just three months later, the first banks will be able to migrate to the new ISO 20022 standard. At first, only in euroSIC, but starting in July 2016, in SIC as well. This means that large volumes of ISO 20022 payments are to be expected.