Switzerland launches instant payments

Switzerland introduced instant payments on August 20, 2024, with around 60 financial institutions now able to process these transactions, covering over 95 per cent of Swiss retail payments. By the end of 2026, all financial institutions involved in retail payments will be reachable.

Several institutions have already launched services for instant payments, with more banks expected to follow.

Instant payments enable immediate account-to-account transactions and are available 24/7, including public holidays. This system offers significant benefits by reducing risks and making funds available immediately.

The Swiss National Bank and SIX Interbank Clearing Ltd. foresee instant payments becoming a standard in Switzerland, fostering further innovation in payment transactions.

The technical framework was established with the new central Swiss payment system launched in November 2023, marking a significant milestone in the evolution of cashless payments in Switzerland.