The Swiss National Bank stated that around 60 financial institutions are now able to process instant payments, covering over 95% of retail transactions in Switzerland.
The SNB expressed confidence that instant payments 'are likely to become established in Switzerland in the medium term' and will drive further innovation in payment transactions.
'Instant payments allow private individuals and companies to perform account-to-account transactions with immediate execution and final settlement in seconds,' according to the SNB.
'This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland,' the SNB highlighted.
#payment-systems #cashless-transactions #swiss-national-bank #financial-institutions #innovation-in-payments
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