All current formats, procedures and payment slips will be replaced with the harmonization of Switzerland's payment traffic. Payments will henceforth be based on the globally recognized ISO 20022 standard. This ensures that Switzerland's payment processes are digitalized, making them far more efficient and economical for all market participants. Swiss financial institutions will complete their changeover by the end of 2017, corporate customers by mid- 2018 at the latest. All common payment paths will continue to be supported after the replacement of the payment slips.
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