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Harmonisation of European Payment Transactions

EBICS as the new standard for electronic payment and stock exchange transactions

The Electronic Banking Internet Communication Standard (EBICS) allows you to conveniently and securely handle payments and stock exchange transactions from your ERP. EBICS prevailed in SEPA countries as a multi-banking client-bank-communication standard.

For electronic data exchange, VP Bank offers not only e-banking, but also professional solutions for a direct connection to your financial software. EBICS is a modern interface which will replace the Bank’s former proprietary Professional Data Feed interface.

 

What will change under the ISO 20022 standard

Upon harmonisation of the payment transactions, new formats will be introduced which are based on the ISO 20022 standard. The currently used DTA format will be abolished and the transformation to new messages must be completed until the middle of 2018 at the latest. The use of the account number in a uniform IBAN format will be mandatory from 2020 in Switzerland.

Two options will be available for the exchange:

  • VP Bank e-banking

  • EBICS

When you exchange data in VP Bank e-banking you may upload the ISO 20022 message (pain.001) manually even today. You will see the status of transmitted payment orders directly in e-banking. After the introduction of EBICS, you may also obtain camt messages.

 

What new message types are available?

The following new message standards will be used for delivery to the Bank:

  • pain.001 transfer

  • pain.002 status information

  • pain.008 direct debit

 

The following message types are available for notifications (Reporting) in the ISO 20022 message standard:

  • camt.052 intraday statement

  • camt.053 account statement

  • camt.054 collective posting file (credit / debit, payment slip ESR / direct debit LSV)

     

    The following notifications will remain in effect:

  • Electronic banking documents in PDF format (e-Post)

  • Paper notifications (account statement, debit and credit notes)

 

What are the benefits of EBICS?
  • Uniform standard for all financial institutions and clients;

  • High security standard thanks to encryption;

  • High security thanks to distributed signing authorisation or independent user administration with different authorisations;

  • Modern technology based on international standards;

  • Multibank ability;

  • Optimisation of internal processes.

 

What needs to be done?

If you use VP Bank’s proprietary Professional Data Feed interface for data exchange, you need to switch to EBICS. Ask your software partner from when your software will support the EBICS interface of VP Bank and plan the transformation with them. Inform your client advisor or our specialists so that you may receive the agreement for EBICS. Our specialists will be happy to discuss the necessary steps and details.

Verify your master data in accounts receivable and payable management and consistently start changing the account numbers to the IBAN format today, even for your wage payments. Check your printed materials and business documents whether they contain exclusively the IBAN. Contact the software partner of your financial software to verify whether your software correctly processes the electronic accounts reports (SWIFT MT940/MT942) when account numbers are provided in IBAN format.

 

What happens when?

VP Bank will support data transmissions under the ISO 20022 message standard (pain and camt messages) as follows:

  • Connection of financial software with EBICS in the course of 2018;

  • e-banking manual file upload possible already;

  • The previous in-house Professional Data Feed interface will still be supported for a transitional period.

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