The joint venture has been approved: SIX and PostFinance to cooperate on e-billing and direct debits
Both the Swiss Competition Commission and the European Commission (Directorate General for Competition) have approved the cooperation announced between SIX Group Ltd and PostFinance Ltd on e-billing and direct debits. This pleasing decision means that the way is now clear for a Swiss-wide market solution for e-bills for e-banking customers and for the exchange of interbank direct debits.
The collaborative arrangement will enable PostFinance, together with SIX and over 90 banks that are already involved, to drive forward the use of the e-bill. Specifically, plans are in place for PostFinance to migrate the processing of e-bills (to e-banking customers) to the Paynet solution in 2019 and to deliver interbank direct debits to Paynet. This joint venture will deliver cost savings for all market participants, an improved customer service and full interoperability between all banks involved (including PostFinance) in Switzerland.