SIX Goes Live with SIC Payment System

SIX Goes Live with SIC Payment System
18.04.2016 07:30 am

SIX Goes Live with SIC Payment System


SIX went live with the new Swiss Interbank Clearing (SIC) payment system. After 30 years of operation, the SIC system was completely redeveloped on behalf of the Swiss National Bank (SNB) and the Swiss financial center. The new system enables banks to process their payments traffic in Swiss francs continuously and even more efficiently.

The SIC interbank payment system for Swiss francs plays a key role for the Swiss financial center: On the one hand, it facilitates the cash-side settlement of securities transactions within seconds; while, on the other hand, it is a crucial system that the SNB has at its disposal for implementing its monetary policy and correspondingly ensuring liquidity supply for the Swiss money market.

Besides the participants’ large value payments, a significant portion of retail payments, such as direct debits and card transactions (ATM/tancomat/EFT-POS), are also processed through the SIC system. It has been among the most secure and highest-performing payments traffic infrastructures in the world for decades.

Reduced complexity – creating efficient, continuous processes 

The new SIX financial market infrastructure uses the latest hardware and software technologies and facilitates the inexpensive, efficient and future-oriented processing of Swiss payment traffic.

As the first system of its kind in Europe, the new SIC is based on the ISO 20022 message standard. This standard significantly lowers the number of technical interfaces between participants and the central Swiss financial market infrastructure and reduces the complexity that has grown over time.

The ISO 20022 message standard also lets participants of the SIC system supply interfaces to their customers featuring innovative payment functionality and modern, standardized messages. This simplifies interoperability between various interfaces, end devices and mobile apps while benefitting from automated processed for accounting within companies.

Facts and figures about the SIC system

In 2015, the SIC system processed more than 440 million transactions worth around CHF 30,000 billion – around CHF 480 billion on peak days. This corresponds to almost 75 percent of the annual GDP of Switzerland. At the end of 2015, there were a total of 350 participants in the SIC system, both within Switzerland and abroad.

Related News

Contactless card PIN limits to increase temporarily to help reduce the risk of COVID-19 transmission

Australian Payments Network (AusPayNet), the self-regulatory body for the payments industry, confirmed today that the payment industry will be increasing the PIN limit for... Read more »

Mastercard enables higher contactless payments across Canada

 Mastercard announced it is enabling the increase of contactless payment limits across Canada, as people look... Read more »

Pannovate partners up with Salt Edge to deliver instant PSD2 compliance

Pannovate, UK’s leading payment and digital banking technology company, has partnered up with Salt Edge, leader in offering open banking and secure customer... Read more »

Xpring Now Supports Interledger STREAM

In December, we announced the launch of, a developer site that includes a wallet, tools, services, and documentation... Read more »

COVID-19 Crisis Highlights Need for Real-Time and New Digital Payments Services Around the World, New ACI Worldwide Research Reveals

More than half a trillion real-time payments transactions will be processed over the next five years, according to Prime Time for Real-Time, a new global report from ... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel