readiness

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

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