Process Instant Payments with Abacus Electronic Banking

Instant Payment - the new payment standard

Process payments instantly 24 hours a day, 7 days a week, 365 days a year: Instant Payment makes this a reality. The amount owed is received by the payee's bank in real-time and is immediately available to the payee. "Real-time" refers to instant payments within ten seconds. Currently payments may take a few hours or days to arrive depending on the time of day and day of the week. For example, the Swiss mobile payment solution TWINT only simulates Instant Payment. Even though the corresponding amount is requested as a credit on the customer account, it does not arrive in real-time. 

Starting on 20 August 2024, the Swiss National Bank will oblige larger financial institutions to accept Instant Payments. This will also be mandatory for all other institutions by the end of 2026. Instant Payment sets a new standard for real-time payments and offers consumers and companies various advantages.

Abacus already supports Instant Payment

Abacus Electronic Banking is currently equipped to issue Instant Payments within the Pain.001 payment order with the correct tags. Once these payments can be received by banking institutions - from 20 August 2024 at the earliest - real-time payments from Abacus will be possible immediately. The prerequisite for this is a licensed Abacus Electronic Banking Version 2024 and banks whose electronic interfaces support the submission of a Pain.001 with Instant Payment instructions.