Watch our on-demand webinar and learn from SIX, Nidwaldner Kantonalbank and Finastra how SIC Instant Payments are transforming Switzerland's financial transactions. The panel emphasizes the importance for financial institutions to be ready to process real-time transactions by their allotted go-live window.
Phase 1 of instant payments in Switzerland was launched on 20 August 2024. Financial institutions with 500,000 or more incoming transactions in 2020 were required to become reachable for SIC IP by this date. For Phase 2, all remaining banks that receive retail payments must be able to process real-time transactions by their registered go-live window. Projects should commence at least six months before this window, not factoring in the time needed for vendor selection or sign-off processes if a new partnership is required. Therefore, institutions must start planning now to ensure a smooth transition.
Watch the on-demand version of this webinar for more key takeaways:
- Implementation and operational challenges: Ensure 24/7/365 processing, manage execution times, adjust IT, infrastructure, risk, compliance, and customer service processes, and ensure uninterrupted processing.
- Security and compliance: Balance in-depth screening with minimizing false positives and continuously fine-tune systems.
- Preparation and testing: Identify all involved systems and departments. Conduct extensive testing, collaborate with other banks, and use solutions from providers like Finastra to assess readiness.
- Future prospects: Instant payments will become the new normal, with priorities in point of sale, e-commerce, and cross-border payments.
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