With the launch of instant payments across the banking sector, consumers in Switzerland can now send and receive payments within seconds.
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Around 60 financial institutions are now able to receive and process instant payments, covering over 95 percent of Swiss mass payment transactions.
All financial institutions involved in mass payments will be accessible by the end of 2026 at the latest. The first institutions have already launched offers for private customers that allow customers to make real-time payments. In the coming months, other banks will announce similar services.
With the launch of a next-generation national payment system in November 2023, the technical framework has been created for account-to-account transactions with instant execution and final settlement in seconds.
The Swiss National Bank believes that traditional transfers will continue to be possible. However, instant payments are expected to become the norm in the medium term and form the basis for further innovations in payment transactions.
The SNB says: “This market launch represents another important milestone and reflects the collective commitment of all stakeholders to the future of cashless payments in Switzerland.”
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