A new payment slip for Switzerland

As of June 30 2020, domestic payments will be exclusively transacted by means of the respective account number in the IBAN format. Verifying the correctness of the IBAN will minimise errors and increases the speed of transfers. Swiss banks and PostFinance intend to standardise their various payment systems in accordance with the new requirements.

According to a study commissioned by the Swiss financial centre, companies will be the primary beneficiaries of the transition. It is expected that the 567,217 private Swiss companies will save CHF 197 million annually. (tagesanzeiger.ch, online, 10 January 2019)

Invoicing parties will be able to create the QR invoice themselves using standard printers, since the payment section contains only black and white. Since the QR invoice can also contain further information, such as the company identification code or an invoice number, automatic reconciliation with the accounting department is still possible.

Foreseeable improvements for invoice recipients:

• The QR invoices feature higher-contrast formatting to improve their readability. People with impaired vision will appreciate this.
• With just one click, all payment information can be recorded via smartphone or reader and sent to the bank. Manual data entry is unnecessary.
• All information required for the payment is contained in the Swiss QR code and printed in the payment section – the invoices can thus be read without technical aids.
• The QR invoice also supports alternative processes, such as TWINT or e-billing, if offered by the invoicing party.

As of 30 June 2020, i.e. the date on which the first QR invoices can be issued, all market participants must be technically able to use QR invoices for payment and processing.

Discuss any outstanding issues with REFIDAR MOORE STEPHENS AG, Zurich Glattbrugg

• What impact will the new standards have on the payment traffic in your company? Analyse the various processes in detail.
• Discuss the migration timetable with your software manufacturer. Can the software you use be adapted to the new standard?
• Readers, printers or scanners – which among your various devices and forms will be affected by the introduction of the QR code?
• Update planning – plan and budget the transition as a project. Make the necessary changes to bank details, account numbers, master data, etc.