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Approximately 60 financial institutions in Switzerland have successfully integrated an instant payments system, now capable of processing over 95% of retail payment transactions in the country.
By the end of 2026, all financial institutions involved in retail payments are expected to be connected to this system. Several institutions have already introduced retail services that enable customers to send instant payments, with more banks expected to roll out similar offerings in the coming months.
This advancement follows the November 2023 launch of a next-generation national payment system, which provides the technical infrastructure for immediate account-to-account transactions with final settlement occurring within seconds.
While traditional bank transfers will remain available, the Swiss National Bank (SNB) anticipates that instant payments will soon become the standard for transactions, paving the way for further innovations in the payments landscape.
Commenting on the development, the SNB stated, “This market launch marks a significant milestone and demonstrates the collective commitment of stakeholders to advancing the future of cashless payments in Switzerland.”
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