Around 60 financial institutions in Switzerland are now able to process instant payments in euros. It’s expected that by the end of 2026, all financial institutions in the country will support these payment transactions.
The Swiss National Bank (SNB) announced the launch of its instant payment processing platform, created in partnership with SIX Interbank Clearing. According to the press release, around 60 financial institutions in the country are now able to send and receive instant payments, covering more than 95% of retail transactions.
The press release notes that with instant payments, individuals and businesses can make account-to-account transfers with immediate execution and final settlement in seconds, 24/7. It’s expected that all financial institutions in Switzerland will support instant payments by late 2026.
By shortening the settlement chain, risks are lowered and funds received are available immediately. Plus, instant payments enable companies and commercial banks to use different scenarios for automating processes and integrating their services with others.
The press release states that the first financial institutions already launched retail offerings that allow customers to send instant payments. In the coming months, other banks will announce similar services.
In February 2024, the European Parliament voted in favor of introducing instant bank transfers in the EU. According to the new rules, EU citizens should be able to make card-to-card transfers in euros around the clock, with processing time not exceeding 10 seconds. The new rules will be fully implemented within 18 months.
In June, it was announced that cryptocurrency users in Germany were able to make instant incoming and outgoing payments using digital assets stored on the Bitpanda platform through international bank account numbers (IBAN) at Deutsche Bank.
