euroSIC System Payments to the Eurozone Euro Payments to the Swiss Franc Zone SEPA Single Euro Payments Area (SEPA) Processing SEPA-Compliant Credit Transfers and Direct Debits via euroSIC SIX Products & Services Banking Services Interbank Clearing euroSIC System SEPA Processing SEPA Payments Banks from all over Europe process their SEPA-compliant credit transfers and direct debits via the Swiss payment channel of euroSIC / Swiss Euro Clearing Bank (SECB). Participating banks are able to receive and submit SEPA credit transfers because euroSIC is connected to the systems of European payment processors. How You Will Benefit Standardized Payments are based on internationally standardized processes, terms and formalities Pan-European The entire SEPA zone is covered Interconnected The euroSIC system is connected to Europe’s most important clearing systems About This Service euroSIC participants can easily receive and send SEPA credit transfers and SEPA direct debits, based on the rulebooks and agreements laid out by the European Payments Council (EPC). SEPA Credit Transfer Using the euroSIC system, financial institutions can submit and receive SEPA credit transfers easily. SEPA Core Direct Debit SchemeThe SEPA Core Direct Debit Scheme Rulebook is the basis for processing SEPA-compliant direct debits for private customers. It stipulates that: debtors must be granted the right to object pre-notification of an upcoming debiting of the debtor by the creditor is required clearly defined chargeback processes exist transactions are processed using standard formats (ISO 20022) and data content (IBAN and BIC) Swiss Guidelines SEPA Business-to-Business Direct Debit SchemeThe SEPA Business-to-Business Direct Debit Scheme is used for business customers. It essentially differs from the SEPA Core Direct Debit Scheme in that: the debtor must be a bank or a business, the debtors need not be granted the right to object, no refund is possible once the debtor’s account has been debited, and shorter terms can be used. Swiss Guidelines SEPA Direct Debits for Financial Institutions in Switzerland and LiechtensteinFinancial institutions in Switzerland and Liechtenstein that participate in the SEPA direct debit scheme require, among other things, new contracts, new creditor identification numbers (creditor identifiers) and new direct debit authorizations (mandates). Mandates are the prerequisite for collecting payments from the debtors. The debtor thereby authorizes the creditor to debit his/her account at the financial institution provided. Any Questions? We Are Happy to Help. +41 58 399 4700 Get in Touch