{ "jurisdiction_id": "CH", "jurisdiction": "Switzerland", "url": "https://payments.gi/jurisdictions/switzerland/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 61, "source_register": 98 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/switzerland/#w1a-licensing-authorisation-market-access", "standing_position": "Switzerland's fintech/payments licensing reform (payment instrument institution + crypto institution categories) is in consultation-closed status with Fintech Alliance endorsement; entry into force expected 2027.", "findings": [ { "finding": null, "instrument_type": "framework_overview", "source": "https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/switzerland/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Banking Act Art. 1b (FinTech licence)", "source": "https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "sandbox / FinTech licence", "source": "https://www.legal500.com/guides/chapter/switzerland-fintech/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FinIA amendment consultation (proposed)", "source": "https://sumsub.com/blog/what-finma-new-rules-mean-for-compliance/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FinIA reform (proposed)", "source": "https://www.loyensloeff.com/insights/news--events/news/swiss-federal-council-proposes-finia-amendments-new-licences-for-payment-and-crypto-institutions-to-replace-fintech-regime/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/switzerland/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Conduct and client-onboarding rules flow from the Financial Services Act (FinSA/FIDLEG) (client segmentation, suitability, prospectus) and AMLA. Safeguarding is not via an EU-style segregation/insurance regime: FinTech-licensed deposits are NOT covered by deposit protection and clients must be warned. The proposed payment instrument institution regime would for the first time require full segregation of client funds from the institution's own assets, with bankruptcy protection and high-quality liquid backing assets. AML onboarding can use digital/video identification under FINMA Circular 2016/7. Financial intermediaries below the FinTech threshold must affiliate with an AMLA self-regulatory organisation (SRO).", "findings": [ { "finding": null, "instrument_type": "FinSA (FIDLEG)", "source": "https://goldblum.ch/knowledgebase/license-for-the-financial-services", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Banking Act Art. 1b para. 4 / Banking Ordinance Art. 7a", "source": "https://www.finma.ch/en/authorisation/fintech/fintech-bewilligung/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "proposed payment instrument licence safeguarding", "source": "https://www.legal500.com/guides/chapter/switzerland-fintech/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FINMA Circular 2016/07 (digital onboarding)", "source": "https://cms.law/en/che/legal-updates/swiss-finma-communicates-its-stablecoin-practice", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w2-stablecoins-digital-money", "standing_position": "Switzerland has no dedicated stablecoin statute; FINMA applies existing law function-by-function. Most stablecoins are payment tokens and almost always fall under AMLA; depending on features they may constitute bank deposits (requiring a banking/fintech licence) or collective investment schemes. The dominant market structure uses a bank default guarantee to exempt the issuer from a banking licence — but holders are NOT covered by deposit protection. FINMA Guidance 06/2024 (26 July 2024) sets minimum requirements for those default guarantees and requires identity verification of ALL stablecoin holders (anonymous transfers prohibited). The proposed FinIA reform would reserve issuance of 'Regulated Stablecoins' to licensed payment instrument institutions, requiring full backing, par redemption, a white paper, and a FINMA-maintained list.", "findings": [ { "finding": null, "instrument_type": "FINMA Guidance 06/2024", "source": "https://www.pwc.ch/en/insights/regulation/finma-stablecoin-guidance.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FinIA reform / Regulated Stablecoins (proposed)", "source": "https://www.deloitte.com/ch/en/services/tax/blogs/regulatory-update-new-rules-on-payment-tokens.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Banking Act default-guarantee exemption", "source": "https://cms.law/en/che/legal-updates/swiss-finma-communicates-its-stablecoin-practice", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "AMLA applicability to stablecoins", "source": "https://practiceguides.chambers.com/practice-guides/blockchain-2025/switzerland/trends-and-developments", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FINMA Guidance 01/2026 (custody)", "source": "https://www.borel-barbey.ch/en/finma-has-published-guidance-01-2026-on-the-custody-of-crypto-based-assets/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w3-operational-resilience-critical-infrastructure", "standing_position": "The core operational-resilience instrument is FINMA Circular 2023/1 'Operational risks and resilience – banks', in force since 1 January 2024, which integrates the Basel Committee's 2021 operational-resilience principles and covers governance, ICT/cyber, critical data, business continuity and operational resilience (critical functions, disruption tolerances). It is complemented by Circular 2018/3 on outsourcing. Cyber-incident reporting runs via the FINMA portal (early warning within 24h, detailed report within 72h for severe attacks). FINMA Guidance 05/2025 (10 November 2025) restated expectations against a 267-institution survey with a 1 January 2026 compliance date. The regime is principles-based and converges with, but is less granular than, the EU's DORA.", "findings": [ { "finding": null, "instrument_type": "FINMA Circular 2023/1", "source": "https://www.finma.ch/en/news/2022/12/20221213-mm-anh-rs-op-risks/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FINMA Circular 2018/3 / Supervisory Communication 05/2020", "source": "https://www.sidd.swiss/en/insights/dora-switzerland-finma/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FINMA Guidance 05/2025", "source": "https://bollwerk.ai/blog/finma-operational-resilience-2026/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "incident-reporting timelines", "source": "https://cenedril.net/wiki/en/gesetze-und-standards/finma-rundschreiben/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w4-scheme-network-compliance", "standing_position": "Card acceptance runs on Visa/Mastercard plus domestic schemes (PostFinance card, Maestro legacy, Reka). Mastercard is the most penetrated card scheme. Worldline operates an Interchange++ pricing model and publishes indicative scheme fees; PCI DSS compliance is standard for acquirers and gateways. There is no EU Interchange Fee Regulation directly binding Switzerland (non-EU), though SEPA participation aligns euro flows. The interbank rail is the SNB-supervised SIC system operated by SIX, which carries card-payment settlement; SIC Instant Payments aligns technically with the European SEPA Instant Credit Transfer standard and ISO 20022.", "findings": [ { "finding": null, "instrument_type": "Interchange++ scheme fees", "source": "https://support.worldline.com/en-ch/home/merchants/schemefees", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "card-scheme market structure", "source": "https://pay.com/blog/top-payment-methods-in-switzerland", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "SIC IP / SEPA Instant alignment", "source": "https://www.lightspark.com/knowledge/instant-payments-switzerland", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "PCI DSS / 3D Secure", "source": "https://payatlas.com/countries/switzerland-ch", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w5-payment-corridor-dynamics", "standing_position": "Domestic CHF clearing runs through the SNB-supervised SIC RTGS system operated by SIX (since 1987), settling interbank, large-value, retail and card flows in central bank money. Cross-border euro flows run via euroSIC, operated with the Swiss Euro Clearing Bank (SECB) in Frankfurt, providing a gateway to TARGET/European systems; Switzerland also participates in SEPA despite being a non-EU member. SIC Instant Payments launched August 2024 covering banks handling >95% of retail payments, with full participation expected by end-2026, and TIPS–SIC IP cross-border links are being explored. SIC is a systemically important FMI subject to the CPMI-IOSCO PFMI.", "findings": [ { "finding": null, "instrument_type": "SIC RTGS", "source": "https://www.snb.ch/en/the-snb/mandates-goals/payment-transactions/swiss-interbank-clearing", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "euroSIC / SECB link to TARGET", "source": "https://www.bis.org/cpmi/paysys/switzerlandcomp.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "SIC Instant Payments", "source": "https://www.six-group.com/en/products-services/banking-services/interbank-clearing/sic.html", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "SEPA participation", "source": "https://stripe.com/resources/more/payments-in-switzerland", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w6-industry-structure-commercial-dynamics", "standing_position": "The Swiss PSP market is mature and moderately concentrated: traditional banks plus SIX-operated infrastructure, with merchant acquiring dominated by Worldline (formerly SIX Payment Services / PAYONE) and Nexi as the principal alternative, plus SumUp and facilitators (Payrexx, Datatrans, Stripe) for smaller merchants. Domestic mobile payment is dominated by TWINT (bank/PostFinance-owned, ~6m users, ~64% of mobile-payment transactions), which merged with Paymit in 2016 to form a national champion. Mobile payments have overtaken debit cards and cash as the most-used method (~30.7% of transactions per the 2025 Swiss Payment Monitor). The Swiss fintech market comprised ~500 companies at end-2024, predominantly B2B.", "findings": [ { "finding": null, "instrument_type": "acquiring market structure", "source": "https://www.moneyland.ch/en/card-payment-merchant-fees", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "payment-method mix", "source": "https://morethandigital.info/en/mobile-payment-in-switzerland-trends-security-and-challenges/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "TWINT market position", "source": "https://payabl.com/news/what-is-twint-why-does-it-matter-for-merchants-entering-switzerland", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fintech market shape", "source": "https://www.pwc.ch/en/insights/strategy/fin-tech-study.html", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w7-legal-litigation", "standing_position": "FINMA can impose enforcement measures and sanctions for AMLA breaches; under the SBA's CDB 20 code of conduct an offending bank can be fined up to CHF 10m. Recent landmark exposure includes a USD 985m (EUR 835m) penalty issued to a Swiss bank by French authorities in 2025 — the single largest global AML penalty of the year — and Credit Suisse's USD 511m US penalty resolving undeclared-account/money-laundering probes. Domestically, competition authority COMCO investigated the TWINT/Apple Pay NFC-suppression dispute, ultimately securing open access to TWINT at scheme/issuing/acquiring levels with no exclusivity, a significant market-structure ruling.", "findings": [ { "finding": null, "instrument_type": "AML penalty (French authorities)", "source": "https://resources.fenergo.com/newsroom/global-financial-regulatory-penalties-fall-by-18-in-2025-as-enforcement-shifts-from-us-to-emea-and-apac", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "US AML penalty", "source": "https://washingtoncentre.org/us-aml-and-sanctions-enforcement-fines-fall-sharply-in-2025/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "COMCO competition investigation", "source": "https://one.oecd.org/document/DAF/COMP/WD(2025)41/en/pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "CDB 20 sanction / FINMASA enforcement", "source": "https://www.finma.ch/en/supervision/cross-sector-issues/combating-money-laundering/", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w8-merchant-acquiring-risk", "standing_position": "Card acceptance requires an acceptance contract with an acquirer (governing fees, security and chargebacks) or routing through a Payment Facilitator/collecting PSP that signs on the acquirer's behalf — enabling single-contract acceptance of Visa, Mastercard, TWINT, PostFinance and Reka. Worldline dominates acquiring; Nexi, SumUp, PostFinance (with Worldline) and facilitators serve different segments. Risk practice features reserves for high-risk merchants, daily settlement reports with transaction-level chargeback status, and strong 3D Secure/OTP/velocity-check fraud controls. Crypto/high-risk merchants are often declined by local PSPs and pushed offshore. Chargebacks commonly arise from non-delivery and unauthorised-transaction disputes.", "findings": [ { "finding": null, "instrument_type": "acquirer / payment-facilitator model", "source": "https://payrexx.com/en/content-hub/blog/comparison-of-swiss-online-payment-providers-2025", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "chargeback / reserve mechanics", "source": "https://worldline.com/en-ch/home/main-navigation/solutions/merchants/acquiring", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "high-risk merchant treatment", "source": "https://payatlas.com/countries/switzerland-ch", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "acquiring fee structure", "source": "https://www.moneyland.ch/en/card-payment-merchant-fees", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/switzerland/#w9-product-innovation-market-development", "standing_position": "Innovation is led by SNB/SIX wholesale-CBDC and tokenisation work plus open banking. Project Helvetia (Phase III live since end-2023) provides wholesale CBDC on SIX Digital Exchange (SDX) for real-value settlement of tokenised bond transactions; the SNB extended it to at least mid-2027 and added an RTGS-link approach connecting BX Digital (FINMA-licensed in March 2025 as the first DLT trading facility, settling on public Ethereum) to SIC. SIX launched its bLink open-banking platform in November 2025 (multibanking across 30+ banks). SIC Instant Payments rolled out from August 2024. No retail CBDC is planned. Switzerland also participates in BIS Project Agorá on cross-border tokenised-deposit settlement.", "findings": [ { "finding": null, "instrument_type": "Project Helvetia (wholesale CBDC)", "source": "https://www.snb.ch/en/publications/communication/press-releases/2025/pre_20250630", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "BX Digital DLT trading facility", "source": "https://insights4vc.substack.com/p/why-switzerland-matters-in-digital", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "bLink open banking", "source": "https://www.legal500.com/guides/chapter/switzerland-fintech/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Project Agorá / no retail CBDC", "source": "https://cbdctracker.hrf.org/currency/switzerland", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w10-consumer-protection-app-fraud", "standing_position": "Switzerland has no EU-style mandatory APP-fraud reimbursement regime equivalent to the UK PSR scheme. Consumer protection rests on FinSA conduct/disclosure duties, contract and banking law, and AMLA-driven onboarding controls. Card fraud is mitigated mainly through near-universal 3D Secure (~84% of card payments contactless in 2024) and OTP verification; fraud rates are reported below many European peers, though online card fraud and TWINT phishing remain live consumer risks. There is no single statutory payments ombudsman beyond the general Swiss Banking Ombudsman; redress flows through bank complaint channels and civil law. This module reflects a lighter, market-conduct-led protection posture rather than a prescriptive reimbursement statute.", "findings": [ { "finding": null, "instrument_type": "card-fraud controls", "source": "https://stripe.com/resources/more/payments-in-switzerland", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "FinSA consumer-conduct regime", "source": "https://goldblum.ch/knowledgebase/license-for-the-financial-services", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "phishing / consumer fraud risk", "source": "https://www.twint.ch/en/press/switzerland-a-leader-in-mobile-payments/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "chargeback/dispute consumer route", "source": "https://payatlas.com/countries/switzerland-ch", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w11-aml-cft-financial-crime", "standing_position": "[Sentinel.gi-fed payments-context position] Switzerland's AML/CFT framework rests on AMLA (GwG), FINMASA, the Swiss Criminal Code (Art. 305bis), and AMLO-FINMA, with MROS (in the Federal Office of Police) as FIU. Financial intermediaries — including payment service providers and the para-banking sector — must affiliate with an SRO or be directly FINMA-supervised. The FATF rates the regime technically robust (8 compliant / 29 largely-compliant / 3 partially-compliant after 2023 re-ratings on R.10 and R.40); next mutual evaluation expected 2027/2028. The Travel Rule applies to blockchain transfers (threshold CHF 1,000 per the revised AMLA / CHF 0 per earlier FINMA practice), and FINMA prohibits transfers to unregulated wallet providers. A September 2025 reform (LETA + revised AMLA) introduces a federal beneficial-ownership register and extends AML duties to advisors, expected in force H2 2026.", "findings": [ { "finding": null, "instrument_type": "blockchain Travel Rule / wallet restrictions", "source": "sentinel://thepaypers.com/payments/news/finma-releases-anti-money-laundering-rules-to-blockchain-providers", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Switzerland's AML/CFT regime rests on the Anti-Money Laundering Act (GwG), FINMA supervision, and MROS reporting. FATF rates it compliant/largely compliant on 37 of 40 recommendations, but beneficial ownership transparency remains unimplemented, gatekeeper (lawyer/notary) AML duties are limited, and Banking Act Article 47 secrecy provisions chill investigative disclosure.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Switzerland", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: national listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-001)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: Office of the Attorney General of Switzerland — MBaer Merchant Bank AG", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: political-constraint", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/switzerland/#w12-correspondent-banking-settlement-access", "standing_position": "Settlement access is via the SNB-supervised SIC system: participants (primarily Swiss banks and eligible financial market participants) maintain SIC accounts funded from sight-deposit/reserve accounts at the SNB, with payments settled only when sufficiently covered. Cross-border euro correspondent access runs through euroSIC/SECB into TARGET. FinTech-licensed and (proposed) payment institutions may hold sight deposits at a bank, another payment institution or, where allowed, the SNB. De-risking remains a structural pressure, with FATF flagging correspondent-banking decline and unintended financial exclusion; Swiss PSPs frequently decline crypto/high-risk merchants. Wholesale-CBDC access in Project Helvetia is restricted to RTGS-participating banks/financial institutions.", "findings": [ { "finding": null, "instrument_type": "SIC account access", "source": "https://www.moneyland.ch/en/six-interbank-clearing-definition", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "settlement-system membership", "source": "https://www.snb.ch/en/the-snb/mandates-goals/payment-transactions/swiss-interbank-clearing", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "wholesale CBDC access criteria", "source": "https://www.riskcompliance.biz/news/project-helvetia-iii-the-swiss-national-banks-pilot-for-wholesale-cbdc/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "de-risking / financial exclusion", "source": "https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/Guidance-Financial-Inclusion%20-Anti-Money-Laundering-Terrorist-Financing-Measures.pdf.coredownload.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/switzerland/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity is shaped by sector consolidation touching Swiss-relevant players. Worldline (the dominant Swiss acquirer) is in turnaround, divesting assets and agreeing in November 2025 to sell its electronic data management (EDM) unit (formerly Cetrel Securities) to SIX Group, with closing expected H1 2026 (value undisclosed). Worldline's 2025 payment volume grew 3% in Q4 with growth returning in Switzerland. Swiss fintech funding rebounded, with Q1 2025 funding nearly matching all of 2024. Globally, Global Payments' USD 24.25bn Worldpay acquisition (announced 2025, closed early 2026) reset payments-sector expectations relevant to Swiss acquiring competition.", "findings": [ { "finding": null, "instrument_type": "divestiture (Worldline EDM to SIX)", "source": "https://www.fintechfutures.com/fintech/fintech-futures-top-five-news-stories-of-the-week-14-november-2025", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market performance (Worldline)", "source": "https://businessofpayments.com/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "fintech funding momentum", "source": "https://www.pwc.ch/en/insights/strategy/fin-tech-study.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "sector M&A (Global Payments/Worldpay)", "source": "https://www.feinternational.com/blog/fintech-ma-outlook", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }