When do banks process money

«Espresso Aha!» - Why are bank transfers not processed on weekends?

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Customers can also make deposits via e-banking at the weekend. These will only be debited on Monday.

Almost anything is possible online today - at any time. If you want to stream a film on Saturday evening and order a pizza on the Internet, you can do it with a few clicks. Only e-banking still knows the classic weekend. This is astonishing, after all, such payment systems have long been working automatically, right?

This is how e-banking works

In order to get to the bottom of these questions, you should know a few backgrounds: Let's assume that Ms. Meier makes a payment via e-banking. She wants to transfer 100 francs to Mr. Müller. If there is enough money in your account, your bank will forward the order - but not directly to Mr. Müller's bank.

This is where an intermediary comes into play: Six Interbank Clearing AG, a subsidiary of the Six Group. This also operates the Swiss stock exchange, among others. Ms. Meier's order is forwarded to Mr. Mueller's bank via a Six Interbank Clearing AG payment system before it is credited to him.

Banks and SIX contradict each other

When asked why no payments are processed at the weekend, most banks blame SIX. The Zürcher Kantonalbank writes that the banks are connected to the company's payment system: "This is operated on official banking days, but not on weekends." It sounds similar at Raiffeisen and Credit Suisse.

At the request of “Espresso”, SIX confirms that it will shut down the payment system at the weekend. The reason: It is a rule among banks that no payments are posted on weekends. Boris Brunner from the management of SIX Interbank Clearing AG says: “This agreement among banks does not only exist in Switzerland, but also internationally. It comes from a time when the bank branches were still closed on weekends. "

The banks make the rule

So the banks are responsible, aren't they? If the banks wanted to, it could be done, says the independent financial expert Martin Spieler: “The SIX Group belongs to the Swiss banks. If they want to process such transactions on weekends in the future, SIX can set this up. ”

The National Bank also writes that expanding operating hours around the clock depends largely on whether the banks signal such a need. However, it is associated with higher operating times and costs.

Payment transactions are monitored manually

How come? At UBS it is said: The transfer system works fully automatically, but is monitored and controlled manually. If payments were to be processed on the weekend, the workforce would have to be expanded. “But we don't feel any major needs from customers,” says Marco Tomasino from UBS Switzerland.

This is confirmed by the Raiffeisen Bank. The Zürcher Kantonalbank in turn refers to the SIX. Only Postfinance writes that customer needs are increasing slightly. Nevertheless, media spokesman Johannes Moeri says that Postfinance going it alone is out of the question: "The entire Swiss financial center should change, everything else is pointless."

Everyone must agree

Since the transactions always require several actors, a one-sided change does not really bring anything. Financial expert Martin Spieler confirms this and adds: "Apparently the pressure on the banks is not yet great enough." That will change with new technologies such as blockchain, which is behind virtual currencies such as Bitcoin.

“With this technology, there is no longer any need for banks or intermediaries. This means that transactions can be processed much faster. " That will increase the pressure on the current players in the financial industry. So that they will soon be able to rely on transactions seven days a week.

  1. Kassensturz espresso
  2. «Espresso Aha!»
  3. Current article

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