Consumers in Switzerland can now send and receive payments within seconds, thanks to the introduction of instant payments across the banking sector. Approximately 60 financial institutions are now equipped to receive and process these instant payments, which account for more than 95% of retail payment transactions in the country.
By the end of 2026, all financial institutions involved in retail payment transactions will be reachable. Some banks have already started offering services that allow customers to send instant payments, and more institutions are expected to announce similar services in the coming months.
The launch of the next-generation national payment system in November 2023 established the technical framework for account-to-account transactions with immediate execution and final settlement. While traditional transfers will still be available, the Swiss National Bank (SNB) anticipates that instant payments will become the standard in the medium term, paving the way for further innovations in payment transactions.
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.”