EBICS has arrived in Switzerland

Swiss bank notes

Foto: © pagomenos – Fotolia.com

Let us firstly take a look back at the seventh Petersberg Electronic Banking Forum held on 10 November 2011. Christian Schwinghammer from SIX Interbank Clearing Switzerland gives a presentation there on the topic “EBICS goes Europe – where is Switzerland?”. Schwinghammer, an expert in the Swiss banking arena, was already rather confident that the standard will be implemented across all the Swiss financial institutions, particularly with two of the biggest heavyweights, UBS and Credit Suisse, already working with the EBICS communications channel.

However, the rapprochement often announced between the EBICS organisation and the Swiss delegates has been repeatedly delayed and has been progressing at glacial pace. Amid intensive tax dispute with Europe (on flat-rate withholding tax) and the US (FATCA), the topic of EBICS has taken a back seat on the part of the bank managers. Continue reading

The Luzerner Kantonalbank invests in EBICS

Switzerland Lucerne

Foto: © kiska_murka – fotolia.com

For the first time, EBICS is now fully supported by a Swiss cantonal bank. By using EBICS, the Luzerner Kantonalbank (LUKB) causes a stir in Switzerland. EBICS should be going live at LUKB in 2014. I am pleased to see that EBICS has expanded further and has now clearly accelerated in Switzerland. In this new change of pace, LUKB has acted as the prime mover.

From my point of view, Switzerland has adopted the system so quickly because of the following reasons:

1. EBICS uses the internet as a mode of communication which, in principle, is available at every company, meaning lower transfer costs for businesses. Moreover, EBICS products can be acquired in a relatively large market, which again offers a better price/performance ratio. Continue reading