Swiss launch instant payments to catch up with Europe

Swiss companies and consumers are now able to make instant electronic payments, catching up with other European financial centres where the ultra-fast transfers are increasingly popular.

Instant payments allow credit transfers within 10 seconds of a payment being made rather than waiting for days for the transaction to clear. They have been in use in Europe since 2017 and in the US since last year.

In Europe, the use of instant payments has risen from 5.2 per cent of all credit...