Payments to the Eurozone

Payments to the Eurozone

Efficient, Simple and Inexpensive

All Payment Types for any Amount

With euroSIC, institutions send urgent cross-border payments to all TARGET2 participants irrevocably and unconditionally in real-time. euroSIC can also execute non-urgent euro payments – from Liechtenstein for example – to both the German and pan-European bulk payment systems. This fast and inexpensive connection works equally well for large-value and retail payments.

How You Will Benefit

About This Service

euroSIC participants are able to process all kinds of cross-border euro payments from Switzerland and Liechtenstein via the TARGET2 system. euroSIC processes payments efficiently and securely far beyond the eurozone.

Non-Urgent Payments

For non-urgent euro payments up to EUR 50,000, euroSIC participants have two inexpensive options: payments to Germany via the intra-German bulk payment system and payments to other EU/EEA countries via the STEP2 system. Italian and Austrian participants route credit transfers to institutions as well as to the payment systems of their respective countries without diversion through TARGET2 at competitive conditions.

TARGET2 and STEP2 Membership

euroSIC participants can connect to TARGET2 at no additional cost, making it easier for EU partner institutions to route euro transactions from the eurozone into the euroSIC system. More than 80% of euroSIC participants benefit from this.

euroSIC participants from EU/EEA countries automatically receive euro payments from STEP2 via euroSIC as indirect STEP2 participants, making the routing of euro transactions easier for their partner institutions.

Reduced SWIFT Costs, Flexible Price Options

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.

The SECB offers euroSIC participants various attractive price options for commercial euro payments. For example, euroSIC participants located in Switzerland can avoid the euroSIC transaction fees for outgoing cross-border payments.