Domestic and international payment transactions are in the midst of major change. The world of payment transactions will have been fundamentally modernised in five years' time. With ISO 20022, there will only be one standard for payment messages; it will be to process domestic and international payments within minutes or even seconds (instant payment). Finnova is on the frontline for these payment transaction innovations and is taking these modernisation steps with a short time to market.
With the pilot bank (only the third Swiss bank after UBS and Credit Suisse), Finnova is implementing the connection to SWIFT gpi early. A tracking of SWIFT international payments is possible with SWIFT gpi; there is transparency regarding transaction fees and the processing of payments takes a maximum of one day – a first step in the direction of instant payment. The connection of the remaining interested banks is planned for the first half of 2021. It will also be possible for bank clients to access the SWIFT gpi tracker via e-banking or mobile banking in 2021. Banks and their end clients reduce their enquiry efforts and can optimise their liquidity management as a result.
Finnova will also implement SWIFT MX – the use of ISO 20022 message formats for international payment transactions – at the earliest possible time, towards the end of 2022. Furthermore, Finnova is pressing ahead with Finnova Instant Payment for the SIC area in accordance with the specifications of the Swiss Payments Vision formulated by the Swiss financial centre.