Swiss launch instant payments scheme By Reuters

ZURICH (Reuters) – Switzerland has market-launched its instant payment scheme, which allows fund transfers in a matter of seconds, the Swiss National Bank and financial infrastructure operator SIX said on Wednesday.

Instant payments are credit transfers that make funds available in the recipient’s account within 10 seconds of a payment order being made rather than waiting for days for the cash to clear.

Around 60 financial institutions are now able to receive and process instant payments, covering more than 95% of Swiss retail payment transactions, the SNB said.