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Approximately 60 financial institutions in Switzerland are currently equipped to handle instant payments in euros. It is anticipated that by the conclusion of 2026, all financial institutions within the nation will facilitate these payment transactions.
The Swiss National Bank (SNB) has revealed the initiation of its instant payment processing platform, developed in collaboration with SIX Interbank Clearing. As stated in the press release, around 60 financial institutions in the country can now execute instant payments, encompassing over 95% of retail transactions.
The press release highlights that with instant payments, both individuals and businesses can perform account-to-account transfers that are executed and settled within seconds, available 24/7. It is projected that by late 2026, all financial institutions in Switzerland will adopt instant payments.
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By streamlining the settlement process, risks are mitigated, and funds received are accessible immediately. Furthermore, instant payments allow companies and commercial banks to explore various scenarios for automating processes and integrating their services with others.
The press release indicates that some financial institutions have already introduced retail services enabling customers to send instant payments. In the upcoming months, additional banks are expected to announce similar offerings.
In February 2024, the European Parliament approved the implementation of instant bank transfers within the EU. Under the new regulations, EU citizens will be able to conduct card-to-card transfers in euros at any time, with a processing duration not exceeding 10 seconds. These new regulations will be fully enforced within 18 months.
In June, it was reported that cryptocurrency users in Germany could perform instant incoming and outgoing payments using digital assets held on the Bitpanda platform via international bank account numbers (IBAN) at Deutsche Bank.
Сообщение All Financial Institutions in Switzerland to Support Instant Payments by 2026 появились сначала на CoinsPaid Media.
