- Market Launch: The Swiss National Bank (SNB) has introduced instant payments in Switzerland, allowing around 60 Swiss financial institutions to receive and process instant payments.
- Technical Framework: The instant payments system was enabled by a technical framework established in November 2023 in collaboration with SIX Interbank Clearing.
- Widespread Adoption: These institutions now cover over 95% of Swiss retail payment transactions, with more banks expected to roll out similar services in the coming months.
- Future Reach: The SNB aims for all financial institutions involved in retail payments to be reachable via instant payments by the end of 2026.
- Significance: The central bank views the launch as a major milestone, emphasizing the collective commitment to advancing cashless payments in Switzerland.
- Comparison with the EU: Instant payments have been available in the EU since 2017, with recent regulations ensuring euro money transfers occur within ten seconds. The SNB’s initiative aligns Switzerland with this broader European trend towards instant payments.
Swiss National Bank announces launch of instant payments in Switzerland
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