What has been possible in the EU since 2017 has also arrived in Switzerland: Since August 20, around 60 Swiss financial institutions have been able to receive and process instant payments. This covers more than 95% of Swiss customer payment transactions, as the stock exchange operator SIX writes in a statement on the launch of Instant Payment.
Instant payments enable transactions from account to account within seconds and around the clock. Thanks to shorter processing chains, risks are reduced and the funds received are immediately available, SIX writes about the introduction. In addition, the technology should also provide scope for process automation and linking with other services.
Conventional transfers will continue to be possible. However, the Swiss National Bank (SNB) and SIX Interbank Clearing (SIC) expect that instant payments will become established in Switzerland in the medium term and will serve as the basis for further innovations in payment transactions.
By the end of 2026 at the latest, all Swiss financial institutions that are active in customer payment transactions should be able to offer instant payment. The first institutions have already launched customer offers to make instant payments. According to SIX, the banks should then communicate corresponding offers in the next few months.
