SOLVAXIS ADDRESSES ISO 20022 STANDARDS FOR SWISS SMBS

Sonceboz, August, 2018 – SolvAxis, one of the leading providers of ERP for SMEs in Switzerland, today announced ISO 20022 news impacting its user community of Swiss SMBs.

Since the announcement of the new ISO 20022 norm, the financial sector has had to ramp up the efforts to follow its action plan and attain the objective of standardization in time. This is structured in 3 well-defined steps: 

Click here to know more about the steps for standardization and the action plan

SWITZERLAND SMBS READY FOR NEW PAYMENT TRANSACTIONS

Based on a survey of banks conducted by SIX, more than 8% of the SMBs have completed this adaptation from the end of June 2018. For the remaining companies, it is imperative to implement this new standard by the end of this year, without which the QR-invoice cannot be introduced.

INTRODUCING THE QR-INVOICE

Given that the QR-invoice concerns all the companies, and consumers, the financial center must consider the experiences and reactions of the market on the conception of the QR-invoice during the next steps. Therefore, a consultation procedure is organized until the end of September 2018. The details concerning the modification propositions will be published online and the result of the consultation procedure will be communicated in November 2018.

The introduction of the QR-invoice is planned for 30th June, 2020, with a transition phase planned until mid 2022. From June 2020, every person must pay their QR-invoice via e-banking. However, the current red and orange inpayment slips can be used in parallel, for 2 years.