22 July 2024 By Mathilde Comments are Off , , , , ,

ISO 20022 Normes harmonization of payment traffic

In the age of globalization, markets and payment flows are becoming increasingly complex. To simplify these processes, the Swiss financial center is adopting the ISO 20022 normes to harmonize national and international payment traffic.

In line with SEPA (Single Euro Payments Area) directives, the formats used for information exchange have been standardized to ISO 20022. The standard standardizes credit transfers, direct debits, payment slips and reporting.

By adopting this standard, Swiss Post and the Swiss banks will, among other things, replace the existing OPEA (PostFinance) and DTA (banks) formats with ISO 20022 notices.

The implementation of this standard has enabled European countries to eliminate sources of error in the transmission of payment traffic information, to do away with time-consuming and costly reformatting of account numbers (BIC, IBAN, etc.) and to reduce transaction processing times.

The implementation concerns all market operators, customers, financial institutions and software publishers alike. The introduction schedule is underway, and is being rolled out in several phases according to a defined timetable.

The changes in brief

Transfers

Harmonization of postal and bank transfers
IBAN bank identification format to be used from 2020

Debits

Banks and Swiss Post plan to implement a single procedure throughout Switzerland based on the ISO 20022 normes
The harmonization of e-bills and direct debits is planned via a software interface that will save you time.
SEPA direct debits will not be affected by these changes

Notifications

Bank and post office reconciliation will be facilitated by the standardization of order notifications and status messages, through the use of camt (Cash Management) files.

Payment slip

The new inpayment slip with QR code will replace the 7 current variants
The new bulletin will be valid for all payment types and will allow billing in CHF and EUR.
The QR code will contain all payment data

Dates are importantes

A transition in two phases.

1st step by the end of 2017

For most financial institutions :

Obligation to switch to the new credit transfer system
ISR file must be replaced by version camt.054
Obligation to replace LSV/DD files
2nd phase by 2020
Introduction in the Swiss financial center of the new uniform payment slip with integrated data code (QR code)

2016 to 2018

Obligation to switch to the new credit transfer system

2018 to 2020

Obligation to switch to the new receipt with QR-Code

2016 to 2020

ISR file must be replaced by version camt.054

2018 to 2020

Obligation to replace LSV/DD files

The advice DBE

These changes require you to adapt your ERP system, and have an impact on your debtor and creditor processes, as well as on your liquidity. We recommend that you contact your IT partner and your banks to find out about their introduction schedules.

With Microsoft Dynamics NAV, opt for a solution that includes payment traffic harmonization as standard, and gain in efficiency by concentrating on your core business.

 

For further information

The official wbsite of the ISO 20022 normes

The new ISO 20022 normes by SIX Interbank Clearing

ISO 20022 : a single data format according to PostFinance

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