Adaptation gets off to a good start
Most software providers have already implemented ISO 20022 or are in the process of modifying their products. Larger organizations have also started planning and implementing the migration. This is the finding of a survey conducted by the research institute gfs.bern on behalf of PaymentStandards.CH. Private and public-sector organizations were asked about the harmonization and payment traffic in general. The findings show that 93% of all business customers are satisfied with domestic payments, rating them very good or fairly good, with 82% satisfied with foreign payments.
Evaluation of domestic payment system
Why change if everything works fine?
Financial institutions are aware that many market participants are very satisfied with the current system and do not necessarily see the need to change. In recent years there have been rapid developments in terms of international cooperation, digitization, and regulatory constraints. The requirements governing domestic and international payment transactions, and data security, are getting tighter and tighter. Allowing existing formats, processes, and standards to evolve organically will not be sufficient to address these requirements in all their breadth. What is required is a fundamental innovation; this is now happening in the form of ISO 20022. Harmonization will have benefits for everyone involved, particularly when it comes to foreign payments, which will be much more straightforward and economical. More
How ready is Switzerland?
An initial trend survey indicates that around 60% of organizations and public sector bodies that have started on the project expect to finish by mid-2018 in line with objectives. Around 14% were not yet aware that the changeover has to be completed by this date, and 22% were unable to say when the project would start or estimate how long it would take. While there is an awareness of the necessity of making the transition on time, implementing the changes across the board will require that all market participants recognize the need and coordinate their efforts accordingly. More