(Bloomberg) -- Most Swiss companies and individuals are able to settle payments in seconds as of Tuesday, in what’s expected to be a boost for business and consumers.
The Swiss National Bank and SIX Stock Exchange said that the new instant payments system covers 95% of retail transactions. For now, about 60% of the country’s banks can process payments in maximum 10 seconds — 24 hours a day, including weekends and public holidays — with the remaining banks set to join by end 2026.
“For companies and commercial banks, instant payments expand opportunities for automating processes and linking with other services,” the SNB and SIX said in a statement on Wednesday. “Instant payments are likely to become established in Switzerland in the medium term and form the basis for further innovation.”
Similar services are already available in the euro area, where it is used for about 18% of credit transfers.
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