euroSIC System

euroSIC System

Efficient, Cost-Effective Access to Euro Financial Markets and to the Financial Centers in Switzerland and Liechtenstein

The Gateway to Euro Payments

With euroSIC, Switzerland as a non-EU member state has an interface to European financial centers. euroSIC provides an efficient and secure link to the TARGET2 RTGS system of eurozone member countries, as well as to the German and pan-European EMZ and STEP2 bulk payment systems. Thus euroSIC participants have a rapid, cost-efficient and real-time connection to all financial institutions in the EU and EEA. Conversely, euroSIC enables EU and EEA banks to conduct euro transactions with euroSIC participants.

How You Will Benefit

Real-Time, Risk-Free Liquidity Management

euroSIC offers online liquidity management and automatically checks whether a payment order is sufficiently coveredby funds. All participants maintain a settlement account that the euro payment system balances daily using a sight deposit account at the Swiss Euro Clearing Bank (SECB).

euroSIC only executes a transaction irrevocably and finally once this check has confirmed that the necessary funds are available. Otherwise, the transaction is routed to a wait file and kept pending until sufficient funds have become available through a liquidity supply. The payment beneficiary can then immediately access the credited amount without exposure to credit and liquidity risks.

Resources and Support

euroSIC participants can submit transactions online around the clock on bank business days. Tthe euro payment system checks whether the required coverage is provided, settles and forwards the amount after positive verification around the clock.

Transactions initiated at weekends receive the settlement date of the following Monday.

Unlike the normal calendar day, the euroSIC clearing day lasts from about 18:25 CET of the previous evening until 18:15 CET on the current day, and at weekends from Friday 18:25 to Monday 18:15 CET. These are exceptionally long opening times in comparison with other euro payment systems. Any rare deviations are listed in the annually published provisions governing processing and value date alongside the official banking holidays.

The SIX Operations Center monitors operations, providing participating banks with information and support from 07:00 to 19:00 CET.

Turnover per Month

Turnover in the last 12 months (in billion EUR).

Transactions per Month

Number of transactions in the last 12 months (in thousand)

Turnover per Year

Turnover since 1999 (in billion EUR).

Transactions per Year

Number of transactions since 1999 (in million).