June 2010 edition

Table of contents

Editorial by Beat Witschi, Head of Products, Members of PostFinance's management, and SIX Interbank Clearing Board of Directors member

Searching for the core business
Cost pressure continues to increase among financial service providers, not least because of the financial crisis. Insourcing and outsourcing, efficiency, value creation, competition, compliance, standardized services: these are central issues in Swiss payment traffic. A practical, high-carat discussion on the topic took place at the Swiss Banking Operations Forum on April 27 in Zurich.

Compulsory SEPA Direct Debit Scheme participation
Since its introduction in late 2009, the use of SEPA direct debits across Europe has been rather low. A significantly greater number of transactions is now expected as a result of the new EU pricing regulations committing all EU banks to accept SEPA direct debits. Although Switzerland isn’t directly affected by this new legislation, it will have an impact on the Swiss financial institutions nonetheless.

SEPA e-Payments for the Swiss financial center?
For about two years now, the European Payments Council has been working on a set of regulations intended to standardize Internet payment methods within the 32 SEPA countries and to ensure interoperability. In April of 2010, the Swiss Payments Council approved the first basis for making decisions regarding the possible introduction of standardized e-payments in Switzerland.

Towards enhancing the resilience of financial markets infrastructures
Financial market infrastructures proved to be quite resilient throughout the recent financial crisis. Nonetheless, there are lessons to be learned to further strengthen the infrastructures and guard against future crisis. Wide-ranging initiatives are being undertaken in the area of international standards for the infrastructures.

The International Payments Framework Association is formed
21 banks, clearing houses and associated payment service providers recently met in London to establish the International Payments Forum Association (IPFA). The purpose of the framework is to enable the exchange of multi-currency non-urgent payments between member organizations; whether through a clearing house or directly or through Member banks, utilizing the same standardized process and operating procedures.