Finastra has successfully completed a project to prepare Swiss banks for instant interbank payments using its cloud-based Service Bureau, enabling efficient transitions and compliance with upcoming regulatory requirements.
By August 2023, the 50 largest banks in Switzerland must be capable of processing instant interbank payments, with all participants in the Swiss customer payment system expected to achieve this capability by the end of 2026.
Finastra’s 24/7 instant payment service, which includes real-time sanctions screening and fraud prevention, processes transactions within seconds and will continue to evolve to meet changing demands.
“Finastra is helping banks implement instant payments in the most seamless and cost-effective way using the latest technologies to deliver robust sanctions screening and fraud prevention,” said Andreas Helbling, country head Switzerland, financial messaging marketplaces at Finastra.
“Facilitating connectivity to SIC Instant Payments, and any critical payments infrastructure of this kind, reflects our commitment to supporting banks on their broader payment modernisation journey – helping them to work in a more agile way and deliver value-added services to customers.”
Gareth Lodge, principal analyst at advisory firm Celent, says banks face significant challenges in meeting instant payments deadlines.
“Banks have a big job on their hands when it comes to ensuring they are ready for the various instant payments deadlines including SIC,” he said. “They need technology that enables a speedy transition and ensures that they can still deliver seamless experiences and enhanced services to customers.”
The SIC5 system, developed by the Swiss National Bank and SIX, uses the ISO 20022 messaging standard, enhancing interoperability and cross-border transactions, and paving the way for future international payment capabilities for Swiss banks.
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