Many financial institutions use this fast and inexpensive connection both for retail and large-value payments.
Easy and inexpensive
With euroSIC, institutions outside Switzerland and Liechtenstein can send payments directly through the European TARGET2 system at over 3,200 bank locations in Switzerland and Liechtenstein. euroSIC participant banks in Liechtenstein can be reached at any time through STEP2, the pan-European bulk payment system. Since correspondent relationships are eliminated, cross-border euro payments can be operated cost-effectively.
Real-time payments
Standard and without surcharge: payments with guaranteed same value-day delivery to the beneficiary bank are executed irrevocably and unconditionally in real time. Customer payments are possible up until 5:00 pm CET and bank-to-bank payments until 6:00 pm CET. And this regardless of the transaction amount, of course.
Payments worldwide
From Andorra to Zambia – euroSIC is used by banks around the world, even far beyond the euro zone. Financial institutions from nearly all countries in the world use this fast and easy option for payments to banks in Switzerland and Liechtenstein.
Simple handling
The BIC code is used for addressing the beneficiary euroSIC participant. It is recommended that SECB, the euroSIC system manager (BIC code SECGDEFF), be given as the intermediary bank.
Reduced SWIFT costs
Many institutions send MT103 messages directly to the beneficiary bank as well as a cover payment through correspondent banks. This creates the need for two SWIFT messages per payment. All cover payments are eliminated with euroSIC, which can reduce communication costs for the sender bank.
Reachable financial institutions
The "Inquiry BC Number" online service makes it easy to search for institutions that are euroSIC participants and thus reachable.
The data forming the basis of this search engine can also be downloaded in entirety in the form of a BC Bank Master file and filtered according to individual preferences. The electronic BC Index file with an offline query function and a convenient search mask provides a further download option. All master data is updated daily.
Example
MT103 customer payment from Italy:
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