The SIC system has been processing payments in real time and around the clock, setting an industry standard since 1987. Its operation is monitored and steered by the Swiss National Bank (SNB). The major payment system in Switzerland enables financial institutions worldwide to process almost all interbank liabilities from large-value to retail transactions in Swiss francs rapidly and securely.

This animated presentation illustrates, by clicking on the picture to the left, all worth knowing of the Swiss payment traffic system SIC. It is part of SIX Interbank Clearing's interactive Guided Tour. Navigation tips.

Structure

Each participating financial institution maintains a settlement account with SIC, which is balanced daily with the use of a sight deposit account at the SNB. The SNB, as the system manager of SIC, has the option to verify cover-funds of any and all financial institutions and – if deemed necessary – provide a participant with the necessary funds or grant appropriate credits. SIC participants have real-time access to all data relating to their own account. They can directly monitor the settled incoming and outgoing payments, current accounting balances as well as pending payments.

Process

Payments can be submitted online 24 hrs. After positive verifications of the submitted payment order the ordering financial institution gets a confirmation. If the necessary funds are available, the payment is irrevocably settled and forwarded to the receiving financial institution, who then generates an electronic receipt. If the participant is short of liquidity, the payment is pending until covering funds become available.

Access

There are two ways to connect with SIC:

• By means of industry standard interfaces or by proprietary software of the participants. This allows for indivdualized integration to the existing hardware and software systems of each participant. These systems are therefore exceptionally well suited for large amounts of data.
• By means of remoteGATE, a gateway via SWIFT and Internet, in a simple and inexpensive way especially for participants with lower transaction volumes.

Intraday liquidity

The SNB has been offering interest-free intraday liquidity for repo contract partners since October, 1999, both nationally and internationally. Participants are able to resort to this liquidity any time between 8 am and 2:45 pm CET.

Participation in the Swiss repo market

Financial institutions worldwide may participate under certain conditions in the Eurex Swiss repo market managed by SIX SIS, SIX Interbank Clearing and SNB within the Swiss Value Chain.

This animated presentation illustrates, by clicking on the picture to the left, all worth knowing of the Swiss Value Chain, the Swiss financial market infrastructure. It is part of SIX Interbank Clearing's interactive Guided Tour. Navigation tips.

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