Euro Transactions to Switzerland and Liechtenstein

Euro Transactions to Switzerland and Liechtenstein

Access more than 3,200 bank branches in Switzerland and Liechtenstein

Efficient Payments Made to Switzerland and Liechtenstein

Using the euroSIC system, institutions connected to TARGET2 and STEP2 can rapidly, easily and inexpensively process all types of cross-border euro transactions to Switzerland and Liechtenstein at any time. Many financial institutions use this efficient connection both for large-value and retail payments.

How You Will Benefit

About This Service

euroSIC enables EU/EEA banks to conduct euro transactions with other euroSIC participants. With euroSIC, banks outside Switzerland and Liechtenstein can send payments in real-time directly through the TARGET2 system at more than 3,200 bank branches in Switzerland and Liechtenstein. euroSIC participant banks in Liechtenstein can be reached at any time via STEP2, the pan-European bulk payment system. Euro payments with guaranteed same value-day delivery to the beneficiary bank are executed in real-time. Customer payments are possible up until 5:00 pm CET and bank-to-bank payments until 6:00 pm CET at no extra cost – regardless of the transaction size.

Reduced SWIFT Costs

Many institutions send an MT103 SWIFT message directly to the beneficiary institution as well as sending a cover payment through their correspondent relation. This creates the need for two SWIFT messages per payment. euroSIC eliminates all cover payments, reducing communication costs for the debtor institution.

Reachable Institutions

The Inquiry IID service makes it easy to search online for other euroSIC participants. The master data is updated daily. Participating banks can download this data in its entirety, filtered according to their individual preferences. The Electronic Index with search tool provides a further download option, enabling euroSIC participants to submit inquiries offline.

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 institution.

Resources and Support