Switzerland Embraces Instant Payments Across Financial Institutions

Switzerland has officially launched instant payments, a groundbreaking advancement in the country’s financial services sector, on 20 August 2024. With approximately 60 financial institutions now equipped to receive and process instant payments, over 95% of Swiss retail payment transactions are covered, marking a significant step forward in the efficiency and speed of financial transactions within the country.

By the end of 2026, all financial institutions involved in retail payments in Switzerland will be integrated into this system, ensuring comprehensive coverage. Already, several institutions have begun offering instant payment services to customers, with more banks expected to follow suit in the coming months.

Instant payments enable both individuals and businesses to complete account-to-account transactions instantly, with final settlement occurring within seconds, available 24/7, including public holidays. This new capability offers substantial benefits, such as immediate fund availability, reduced risks due to shorter settlement chains, and enhanced opportunities for process automation for companies and banks.

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Switzerland Embraces Instant Payments Across Financial Institutions

(IN BRIEF) Switzerland launched instant payments on 20 August 2024, with around 60 financial institutions now able to process these transactions, covering o

news.europawire.eu

 

[Tall Timbers]

I wonder if there is a transaction fee, and if so, how much.