GENEVA, Switzerland — Switzerland's new instant payment system will bolster the future of cashless payments in the country, the Swiss central bank said on Wednesday after the scheme went live.
GENEVA, Switzerland — Switzerland 's new instant payment system will bolster the future of cashless payments in the country, the Swiss central bank said on Wednesday after the scheme went live.The Swiss National Bank said around 60 financial institutions were now able to receive and process instant payments, covering more than 95 percent of Swiss retail payment transactions, following Tuesday's market launch.
'The SNB said the scheme offered significant advantages due to shorter settlement chains, with funds received being immediately available.The central bank anticipates that instant payments 'are likely to become established in Switzerland in the medium term and form the basis for further innovation in payment transactions.
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