As of 30 June 2020, you will be likely to come across the new QR-bills instead of the usual payment slips. Therefore, all invoice recipients in Switzerland must adjust their software and hardware in a timely manner to prepare themselves for processing and paying QR-bills. However, not all companies have done this yet − in spite of high urgency.
The next challenge in harmonizing payments is yet to be faced: substituting current payment slips with the QR-bill. It can be sent by invoice issuers to their customers as of 30 June 2020. Companies that process their invoicing and payments through an accounting software are called to meet a challenge. They need to adjust their reading devices and scanning platforms as well as accounts payable and payment software in order to be able to receive and pay incoming QR-bills on time.
- Invoicing in CHF and EUR
- One QR code for all types of payment and reference
- Data digitized for more efficient processing and monitoring of payments
- Better data quality thanks to a greater amount of more precise information in standardized form
- Payment references automated end to end, from initiating party to recipient
FOR INVOICE RECIPIENTS
- More straightforward invoice processing
- All payment information built into QR code in digital form
- Fewer reading errors
- Less manual work, saving time and money
- Supports digital payments and payments by mail or at the post office
FOR INVOICE ISSUERS
- Simplified payment reconciliation, less manual work
- All payment information transferred electronically
- Printed on white paper
Act now: Contact your bank and software partner
The QR-bill will be introduced nationwide. It will affect all companies, public institutions and non-profit organizations as well as all private individuals. Invoice issuers can start sending QR-bills as of 30 June 2020. Invoice recipients must consider that many of their suppliers will use the opportunity to optimize their processes using the QR-bill. Each company should get prepared for this early enough. We recommend that companies which have not addressed the changeover yet immediately contact their bank and software partner. They will help you with planning and changeover. The need for adjustments depends on your hardware and software infrastructure. Those SMEs which do not utilize any ERP system do not need to undertake any action. The required changeovers will be carried out in Swiss banks that will notify their customers in a timely manner.
All invoice recipients must be ready to pay QR-bills as per 30 June 2020. They may do this in the following ways:
- With an ERP solution
- Via mobile banking: Open the mobile banking app on your smartphone, scan the QR code and release the payment.
- Via e-banking: Open the e-banking app, scan the QR code and release the payment.
- Per mail: The QR-bill additionally functions as a payment slip (payment part and receipt) which can be paid at the post office counter or sent to the bank together with a payment instruction in an envelope.
Another step into the digital future
Harmonization of payments constitutes the foundation laid by the Swiss financial center, supported by the Swiss economy and society, for seamlessly digital financial processes. At the same time, the QR-bill bridges the digital and paper-based world. eBill goes one step further. The new infrastructure for electronic invoices will ensure a seamlessly digital payment experience. By the end of the year, it will have been supported by all banks and consistently developed to remain on the cutting edge of technology. The QR-bill and eBill are Swiss innovations and will provide local participants with a single platform for developing and launching own innovative services.
Author: SIX Interbank Clearing (December 2019)