Instant payments are the most positive development for the Swiss financial sector in years due to their proven role as a catalyst for change within that system. Whilst instant payments are mainly used for domestic purposes (96%) rather than cross-border, they hold the promise of providing Switzerland with a competitive and innovative marketplace where citizens and SMEs can leverage the speed for improved liquidity and enriched data for transparency. Implementing SIC IP is not only about coping with a processing time of 10 seconds; it also has ramifications across the whole ecosystem, with many areas such as end-user experience, non-stop…
Author: Vitus Rotzer, Chief Revenue Officer - Financial Messaging, Bottomline
As the Roman poet Ovid once said, ‘A horse never runs as fast as when it has other horses to catch and surpass.’ This metaphor aptly captures the essence of today’s banking sector, where understanding market demands and competitor strategies is crucial for staying ahead in the race. Competition not only drives the market but also serves as a catalyst for continuous innovation and growth within financial institutions. Plus, there is no shortage of global issues for banks to put on their agenda for 2024. Right off the top, we have cloud migration, the acceleration of real-time or instant payments,…
Scan the headlines in these early days of 2023, and you would be forgiven for thinking we’re embarking on the year of digital currency. Not so fast, however. CBDCs and digital currencies certainly merit a close and sustained look from Swiss financial institutions. But Bottomline’s analysis of proprietary research shows that the smart money is on the faster horses. Specifically, instant payments and the regulations surrounding them will be the most important competitive factor within Swiss borders, as well as the confines of the European Union. And that’s not the only highlight in the study. Just as the Swiss government…
Stability. Secrecy. Safety. The Swiss financial system has been the very definition of these attributes for almost 200 years. But like the world’s financial systems, institutions and networks, one very active new factor is knocking at the border: change. And the Swiss are up to it. Let’s take a look at the main factors that are bringing change to business payments in Switzerland detailed in a recent report commissioned by Bottomline from analyst firm Aite-Novarica. The report covers payment infrastructure changes across a large geography of Europe and, also the UK. Specific to Switzerland, it validates the following major areas…
When it comes to the financial landscape in Switzerland, there’s perception, and there’s reality. The perception may be that it is an isolated, neutral country that opted for independence from the European Union. The reality is it has also made the necessary moves to connect its financial system to the rest of the world, while reserving the rights to be independent where it deems necessary, for example as it does by keeping the control for domestic payments. And while it has a deserved reputation for global wealth management, the big banks in Switzerland like UBS and Credit Suisse account for…