Be wary if you get a phone call from someone claiming to be an IT support person. When making payments, be sure to check the payee's bank details and the amount. Your log-in details are confidential, never share them with anyone!

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Below is a list of commonly used abbreviations related to the new payment standards.

  • CAMT
    • CAMT (short for Cash Management) is an ISO 20022 payment message format for bank-to-customer reporting (file formats camt.052, camt.053, and camt.054).
  • IBAN
    • IBAN (International Bank Account Number) is the standard format used for bank account numbers around the world.
  • ISO 20022
    • ISO 20022, the “Universal financial industry message scheme,” sets forth a common platform for developing messages sent by financial institutions. It involves using XML language to structure data in a hierarchical format and display it in text files. ISO 20022 aims to establish a global standard for data exchange in the finance industry in order to allow for a higher degree of automation in payment and reporting processes.
  • LSV
    • LSV (short for Lastschriftverfahren) is a direct debit system used in Switzerland for making regular payments.
  • PACS
    • PACS (Payments Clearing and Settlement) is a message group used for clearing and settlement processes between financial institutions.
  • PAIN
    • The PAIN message format is used when you transfer payment files to your bank via a payment software. 
    • A pain.001 message is sent when you make a payment order. 
    • A pain.002 message is sent to you by your bank to confirm it received your order or to indicate the payment or transaction status (e.g., if the order is refused).
    • A pain.008 message is sent to execute a debit order (LSV file).
    • The IBAN of the account into which payments are made when QR bills are used. QR-IBANs are written into QR codes using the specifications given in ISO 13616. QR-IBANs are issued to companies by their banks; companies cannot come up with QR-IBANs themselves.
  • QR reference
    • The QR reference is the equivalent of the reference number used on the orange BVR payment slips. Companies can include this number on their QR bills if they wish.
  • SCOR 
    • SCOR (Structured Creditor Reference) is an international business reference based on ISO 11649. It allows companies to automatically match payments it receives, particularly from abroad, to its accounts receivable.
  • SEPA
    • SEPA (Single Euro Payments Area) is an EU initiative to standardize payment messages across the area. SEPA is used for EUR-denominated wire transfers between banks in participating countries. 
  • Swiss QR code
    • The QR code contained on QR bills in Switzerland. These codes – characterized by a Swiss cross in the center – contain all the payment information needed to pay bills via any banking channel or at the post office.