Getting ready for Instant Payments in Switzerland

This paper outlines the transition to SIC Instant Payments (SIC IP) for Swiss banks, which has been mandated by the Swiss National Bank. It details the benefits of instant payments, such as reduced settlement risk and improved customer service, while addressing the challenges of migration. A step-by-step migration plan is provided, emphasizing the importance of vendor readiness and operational efficiency to enhance competitiveness in the global payments landscape.