Governance
SIX Interbank Clearing is responsible for the management of interbank issues in various financial center committees.
SIX Interbank Clearing processes payments between financial institutions, issues operative rules for the payment traffic of the Swiss financial center and represents it for the issuing of national and international payment transaction standards as well as for the development, processing and operation of payments, means of payment and systems.
Members
Board of Directors
- Patrick Graf (Chair)
St.Galler Kantonalbank AG - Markus Beck
Raiffeisen Switzerland - Marc Bonfils
PostFinance AG - Ipek Cetin
Zürcher Kantolbank - Dr. Christian Kleine
UBS Switzerland AG - Prof. Dr. Sébastien Kraenzlin
Swiss National Bank - Dieter Goerdten
SIX BBS AG - Steffen Rossberg
Entris Banking AG
Executive Committee
- Matthias Sailer
Managing Director - Timo Pfahl
Member of the Executive Committee and Head SIC IT
The SPC constitutes a national sounding board for international topics pertaining to payment traffic.
Members
- Markus Beck (Chair)
Raiffeisen Switzerland - Daniel Berger
SIX, Head PaCoS / EPC Request to Pay TF - Maurizio Denaro
Swiss National Bank, CPMI - Andreas Ehrensperger
SIX, ISO 20022 Card Standard Evaluation Group - Bernd Jopp
SECB, WG/Committees Deutsche Bundesbank and EBA Clearing - Jörg Engelhardt
SIX, EPC Cash Efficiency WG - Herwig Ganz
Credit Suisse, CBPR+ - Natalie Graf
Swiss Banking Association - Sergio Greco
UBS, EPC Legal Support Group - Alain Hiltgen
UBS, EPC Payments Security Support Group - Susanne Höhener
Liechtensteinischer Bankenverband (for the Liechtenstein banks)
- Christian Kleine
UBS, EPC Board / Chair Audit Committee - Roman Locher
SIX, Member of PAP / EPC Scheme Evaluation and Maintenance Standard TF and HVPS+ - Romano Ramanti
ZKB, EPC Payment Scheme Fraud Prevention WG - George Schmid
UBS, EPC Legal Support Group - Simone Schmitz
UBS, PaCoS member - Elmar Schnarwiler
Credit Suisse, PaCoS member - Philipp Stahel
UBS, EPC Mobile Payments WG - Dominik Vogel
UBS, PMPG - Martin Walder
SIX, SAFSF / SWIFT / EPC Scheme Evolution and Management WG / ISO committees
PaCoS makes proposals for the further development of the regulations, coordinates these in consultations with the users and submits proposals to the Board of Directors of SIX Interbank Clearing. In doing so, it relies on specialist working groups to deal with specific issues.
Members
- Daniel Berger (Chair)
SIX Banking Services - Elmar Schnarwiler (Vice-Chair)
Credit Suisse Group Ltd - Christoph Bauer
Migrosbank (for the individual financial institutions) - Patrick Bürki
Entris Banking Ltd (for the regional banks) - Rudolf Fischli
Swiss National Bank - Simone Schmitz
UBS Switzerland AG
- Alfred Meyenberg
PostFinance Ltd - Peter Lützelschwab
Cantonal Bank of Zurich (also for the Union of Swiss Cantonal Banks) - Julien Lempen
Banque Cantonale Vaudoise - Ernst Weber
Raiffeisen Switzerland (for the Raiffeisen banks) - Dominik Vogel
Representative PMPG / UBS Switzerland AG - Sascha Hüsler
Thurgauer Kantonalbank
The Legal Support Group of SIX Interbank Clearing Ltd (LSG SIC) is a standing committee comprising users of the SIC system, which provides the Board of Directors of SIX Interbank Clearing Ltd and its committees with advice and support on legal matters.
Members
- Credit Suisse Group Ltd
- PostFinance Ltd
- Raiffeisen Switzerland
- Swiss Banking Association (SBA)
- SIX Banking Services
- UBS Switzerland AG
- Cantonal Bank of Zurich
PAP is active in the area of project and process management. It ensures that the payment systems are further developed according to the financial institutions' requirements and supports SIX Interbank Clearing's implementation of the joint ventures' strategy of the Swiss financial center.
Members
- Ernst Weber (Chair)
Raiffeisen Switzerland (for the Raiffeisen banks) - Maurizio Denaro (Vice-Chair)
Swiss National Bank - Juan Bret (Secretary)
SIX Interbank Clearing Ltd - Regula Widmer-Schild
Credit Suisse Group Ltd - Adrian Schranz
Entris Banking (for the regional banks)
- Fabian Gonser
UBS Switzerland AG - Ernst Herzig
Cantonal Bank of Zurich - Bernd Jopp
Swiss Euro Clearing Bank - Roman Locher
SIX Banking Services - Andreas Mechler
Citibank - François Marbot
SIX Interbank Clearing Ltd - Marianne Zentriegen
PostFinance Ltd
RAR is an administrative and editorial committee reporting to PAP. It is in charge of creating, editing and updating the documentation needed for the payment systems. In particular, it supports SIX Interbank Clearing during the production of handbooks, contracts, instructions and circulars to the financial institutions.
Members
- Erika Dingler (Chair)
SIX Interbank Clearing Ltd - Dieter Bolliger
Credit Suisse Group Ltd - Perica Matic
UBS Switzerland AG - Sandro Corchia
SIX Interbank Clearing Ltd (secretary) - Bang Fernandez
PostFinance Ltd
- Elena Flochová
Swiss National Bank - Patrick Bürki
Entris Banking Ltd (for the regional banks) - Ernst Herzig
Zürcher Kantonalbank - Ernst Weber
Raiffeisen Switzerland - Yoann Foumany
SECB
SIC
Participation via Swiss National Bank
The following Swiss National Bank (SNB) instruction sheet on cashless payment transactions provides an overview of the giro and SIC systems and the categories of participants admitted. It specifies the associated conditions of participation, in particular the admission criteria and the administrative conditions. The instruction sheet is for information purposes only and is in no way legally binding.
Rules & procedures in case of a participant's non-performance
The SIC system plays a key role in containing the systemic risks of Switzerland’s financial sector and thus contribute to the stability of the financial system.
Non-performance by one or more participants may cause liquidity or credit problems. The SNB as system manager has instruments that reduce the probability of a systemic risk.
Rules for Participants
Rights and obligations of the participant are regulated in a contractual agreement between SIX Interbank Clearing and the participant and between the SNB and participant. The SIC Handbook in its currently valid version is an integral and binding component of the SIC contract, along with any specific requirements and regulations as issued by the SNB or SIC Ltd.
Conditions of the SNB
The SNB as the SIC system manager keeps the participants accounts, steers and supervises payment transactions and has the right to waive instructions or regulations for SIC.
Participation duties
Each SIC participant is obligated to
- have all third-party system payments pertaining to them be settled through SIC;
- be capable of receiving and processing all message types;
- implement future SIC developments in a timely fashion, unless the contractual relationship is cancelled by the participant according to the mandatory published changes.
Contracts
For the SIC participation the following contracts are to be signed:
- SIC participant agreement
- Agreement regarding participation in the SIC system
Participant operational readiness
Each participant is liable to be fully operational on SIC operation days both financially and technically. This commitment endures until the participants' last incoming payments (including third-party system payments) are settled. This also applies to cantonal and local holidays.
euroSIC
Participation requirements
Participation in euroSIC is generally possible for any institution that is subject to Swiss banking supervision. Financial institutions, joint institutions and clearing organizations along with their members outside Switzerland, also receive access, as long as they are subject to at least the same legal and operational standards in their country of origin as are participants in Switzerland.
Payment processing
Transactions between euroSIC participants are considered to be so-called domestic payments and are settled directly. This also applies for transactions resulting from securities trading (SECOM, Eurex/Euro-Repo). However, if cross-border payments are involved (payments to institutions that are not connected to euroSIC), then these are routed in real time to the appropriate connected foreign systems. The SECB used a flow charge to choose the preferred system (routing), which considers both the system criteria and existing bilateral agreements. Payments from the euro payment zone take the opposite direction on their way to euroSIC participants.
SEPA Rulebook
The foundation for the processing of SEPA-compatible credit transfers in the Single Euro Payments Area after 2008, is the "SEPA Credit Transfer Scheme Rulebook". It defines the rules, practices and standards of the European credit transfer scheme for transaction by the originator to the beneficiary.
Stipulated among the rules is that:
- the financial institutions participating in SEPA are reachable for SEPA-compatible credit transfers and are also able to execute the same;
- the credit transfer between the ordering party’s bank and the beneficiary’s bank is to be conducted in euro;
- the customer’s bank account will be maintained in the euro payments area, but must not necessarily be kept in euro;
- a maximum credit transfer duration is defined;
- there are to be no amount limits;
- the transactions are to be processed using standard formats (ISO 20022) and data content, including the provision of the IBAN and BIC;
- the processes of payments as well as rejections and returns are followed.
Websites:
SIC/euroSIC Providers
Service providers to SIC and euroSIC system participants (Note: incomplete list - only includes self-declared participants)
Company | Category | Contact |
---|---|---|
Banque Lombard Odier & Cie SA |
Service bureau |
Rue de la Corraterie 11 1211 Genève 11 |
Bottomline Technologies DACH AG |
Service bureau Banking software operator Banking software provider |
Rautistrasse 12 8047 Zürich www.bottomline.com |
Entris Banken AG |
Service bureau |
Mattenstrasse 8 3073 Gümligen www.entris-banking.ch |
EFiS Swiss AG |
Service bureau |
Sempacherstrasse 15 8032 Zürich www.efisswiss.com |
Finastra Switzerland GmbH |
Service bureau |
Bäderstrasse 29 5400 Baden www.finastra.com |
Hypothekarbank Lenzburg AG |
Service bureau |
Bahnhofstrasse 2 5600 Lenzburg 1 |
Incentage AG |
Banking software provider |
Mülistrasse 18 8320 Fehraltorf www.incentage.com |
Logisoft AG |
Banking software provider |
Neue Winterthurerstrasse 15 8305 Dietlikon www.logisoft.ch |
midix.com ag |
Banking software provider |
Weinbergstrasse 47 8006 Zürich www.midix.com |
SWIFT |
Banking software provider |
Avenue Adèle 1 F-1310 La Hulpe www.swift.com |
Swisscom (Schweiz) AG |
Service bureau Banking software operator |
Pfingstweidstrasse 51 8005 Zürich www.swisscom.ch |
SYNTRON Informatik AG |
Banking software provider |
Rikonstrasse 22 8307 Effretikon www.syntron.com |
Worldline (Schweiz) AG |
Banking software provider |
Worldline (Schweiz) AG Hardturmstrasse 201 8005 Zürich financial-services.worldline.com |
Service bureau: Has a communication interface to the SIC/euroSIC systems and provides additional services to allow for submitting payments into these systems.
Banking software operator: Operates (hosting) banking software for financial institutions for the purposes of participating in interbank transactions through the SIC/euroSIC systems (outsourcing partner for bank applications).
Banking software provider: Provides financial institutions with software for the purposes of participating in interbank transactions through the SIC/euroSIC systems.
Application for inclusion in the service providers list and mutation of existing providers
Security Systems
Description
The SASS system will be used for the SIC and euroSIC payment systems as well as for the SECOM securities settlement system. It guarantees the secure and unadulterated transmission of messages in the Swiss Value Chain within the Swiss financial center infrastructure.
SASS security software forms the interface between the Gateway application and the HSM hardware components (Hardware Security Module; Primus HSM S500). The cryptographic operations using the private key take place in the HSM, the remaining operations with the SASS security software. The SASS software is available for Windows 2012 Server R2 or RedHat Enterprise Linux 7.
Websites:
Ordering SASS software
The SASS software and the corresponding documentation can directly be obtained on the password-protected Extranet.
Ordering Primus HSM S500
For ordering HSM, the form on the Extranet is to be used. The signed order is to be sent directly to Securosys. They will deliver the ordered hardware along with the correspond-ing supplemental material. The corresponding documentation and firmware updates can be obtained through the Securosys support portal.
It is important to only install the HSM firmware versions approved by SIX, because these must be approved in conjunction with the appropriate SASS software version. It is important to always use the right combination of SASS software and HSM firmware that is stipulated by SIX. Further information and details can be found here.
Securosys SA
Technoparkstrasse 1
8005 Zurich
E-mail: primus@securosys.ch
Telephone: +41 44 552 31 00
Support:
For questions regarding SASS, please contact SIX. Support pertaining to HSM is provided by Securosys through its web support portal.
Contact
SIX |
Securosys SA |
Ordering: |
Ordering: |
Support: |
Web support portal: |
Version | Test | Production | Firmware |
SASS 2.1.4 | as of 03.10.2022 | as of 18.11.2022 | Firmware 2.8.46 |
SASS 2.0.5 | as of 31.03.2022 | as of 21.04.2022 | Firmware 2.8.46 |
SASS 1.7.5 | as of 03.10.2022 | as of 18.11.2022 | Firmware 2.8.46 |
SASS 1.7.3 | as of 19.10.2021 | as of 19.11.2021 |
Firmware 2.7.13 (2.7.16) Firmware 2.8.46 |
SASS 1.6.4 | as of 14.10.2020 | as of 20.11.2020 |
Firmware 1.6.0 (1.6.2) Firmware 2.7.13 |
Remark: when upgrading HSMs to 2.7.13, it is mandatory to install the intermediate version 1.7.1. Please follow the Securosys instructions.
Note: HSM firmware 2.8.46 is a prerequisite for migration to SASS 2.0. We recommend an upgrade to version 2.8.46.
The version path must be respected (SASS 2.0.5, then SASS 2.1.4). A upgrade from SASS 1.7.3 or SASS 1.7.5 directly to SASS 2.1.4 is not possible (further information in "SASS Migration Path Checklist 2.1.4").
Key Management
In an authorization form each participant must name at least two SIC/euroSIC authorized representatives to conduct the functions necessary for key management.
When exchanging public certificates, the corresponding fingerprint must be sent by e-mail or via the postal service to the Key Management (SIX Interbank Clearing Ltd) by the SIC/euroSIC authorized representative.
Public Certificates
Information is available on the password-protected Extranet.
Description
Ordering
On behalf of the carrier, SIX is the representative for consultation, orders, mutations and terminations of Finance IPNet connections.
- Finance IPNet description
- Form for consultation, orders, mutations and terminations (in German)
- General product description and specification of Sunrise end customer connections for Finance IPNet
- Order form for Sunrise IP VPN for Finance IPNet
- General terms and conditions (GTC) Sunrise
- IP VPN service descripition Sunrise (in German)
- Shopping cart Finance IPNet Swisscom solutions (in German)
The following additional documents on Finance IPNet can be obtained at any time from Swisscom Solutions at adrian.keiser@swisscom.com:
- Contract Finance IPNet
- Service Level Agreement
- Service Description
- General Terms and Condition
Description
Secure Swiss Finance Network (SSFN) should replace Finance IPNet in the medium term.
What is SSFN?
- SSFN is a communication network based on SCION technology, which is provided by SIX and other partners.
- With the SCION technology developed by ETH Zurich, networks achieve a new level of security, performance and functionality – you can find more information at: SCION.
- SNB and SIX have initiated the work for the development of SSFN and are providing the rules and regulations.
- Approved telecommunication providers offer a SCION connection according to customer needs (e.g. service level, bandwidths).
- The necessary SCION gateway can either be obtained together with the SCION connection or separately from an approved service provider.
- Access to and use of SSFN is reserved for SIX service customers. This requires an access certificate issued by SIX.
- SSFN enables data exchange with SIX as well as with all other parties connected to SSFN.
- SSFN offers a particularly high level of resilience if a redundant communication connection is established via multiple telecommunication providers.
- All SIX services that include the Finance IPNet access path will also be accessible via SSFN in the future.
SSFN has been operational in parallel with Finance IPNet since November 2021. In the medium term, it will replace the legacy communication network due to superior flexibility and functionality.
Interested parties can start planning and obtaining an SSFN connection at any time.
Steps to use
The minimum requirements for using SSFN are a SCION connection, a SCION gateway and the SSFN certificate. For reasons of redundancy, SIX recommends using a connection via two different telecommunications providers.
Procedure:
- Analyzing the current situation with regard to connections to SIX and any other participants in the Swiss financial center
- Defining and planning the SSFN connection, including operating model
- Obtaining and installing the SCION connection(s) and gateway(s)
- Applying for and installing the SSFN certificates
- Adjusting the internal network so that relevant services (e.g. SIC) can be reached via SSFN (instead of or in addition to Finance IPNet or other connections)
The following service providers currently approved assist interested parties in connecting to SSFN:
System Interfaces
Description
Financial institutions participate in the Swiss RTGS systems SIC and euroSIC through proprietary interfaces from software providers or through the SWIFT network. In cases of emergency, file transfer or data carriers can be used as an alternative solution.
Messaging Gateway
The majority of payments are exchanged through the Messaging Gateway access channel. Communication takes place through the closed Finance IPNet network. Banks have the choice between interfaces offered by multiple software providers. This software can be operated either by the bank on its own or through a service bureau. These software providers also offer modules for additional services from SIX or even the connection to SWIFT.
SWIFT
This is an access option for participants with small payment volumes who would like to use their existing SWIFT infrastructure for the RTGS connection. Communication takes place through SWIFT InterAct service.
Web Portal as a Supplement
The web portal is a supplement to the two access routes mentioned above. It can be used to initiate certain use cases manually via IP networks such as Finance IPNet or the internet. Examples of use cases include a settlement account query or a cancellation.
Online research can also be conducted via the web portal. For example, the original messages, e.g. a pacs.008, can be checked on screen or downloaded.
Participants with the “SWIFT” access route are required to use the web portal.
Web Portal
Identification
IUser identification on the web portal takes place by means of electronic certificates issued by third-party providers. In order to guarantee a high level of security, the certificates must meet the following minimum requirements:
- The user certificate must be stored on a hardware-based security token
- Validity of the user certificate: not expired; new applications must be valid for another nine months
- Validity of the root certificate: not expired; new applications must be valid for another five years
- Standard: X.509 V3
- Signature algorithm: sha2
- Key length: at least 2048 bit
- Key usage: client authentication, digital signature.
At least ten users must be registered when using self-issued certificates.
Financial institutions that want to use either certificates from other third-party providers – for example, from foreign certification authorities – and/or the bank’s own certificates should contact SIX Interbank Clearing in advance.
Recommended Authentication Methods
Access to the application takes place via a web browser and is secured by a certificate or SwissID issued by third-party providers.
The two following authentication methods are recommended:
SwissID
The operator can register for SwissID free of charge here: www.swissid.ch:
- Create an account on www.swissid.ch
- Download the SwissID app
- Perform an online identity check with the SwissID app. Note: Verification by passport for international web users
Certificate
The two following authentication certificates from the company QuoVadis are recommended:
- Advanced Personal Certificate
Please select Quo Vadis Advanced Premium Certificate on UBS-Token (Hardware) in the order form.
Note: “Advanced Commercial Certificate” is not accepted.
- QuoVadis Signing Service
Please select QuoVadis Signing Service AC or QuoVadis Signing Service Premium in the order form.
Note: “QuoVadis Signing Service Standard*” is not accepted
Please note that, in order to use this, an identification checkpoint must be found in Switzerland, where the user must personally identify herself/himself.
According to the manufacturer, identification checkpoints are:
- Post offices of the Swiss Post (yellow identification)
- Through QuoVadis authorized persons
- Municipal and city administrations
- Notary publics in Switzerland
- SBB Change/Western Union counters (SBB customer identification).
Due to legal requirements, the following means of identification are exclusively accepted:
- For Swiss, German, French or Italian citizens: a valid passport/personal ID or valid ID card (with details about the person and validity, including signature)
- For all other persons: valid passport (with details about the person and validity, including signature).
Support
Forms and documents for SIC/euroSIC participation:
- Access to the RTGS systems via the web portal
- Registration of root certificate
- Bank Master: Registration, Mutation, Concatenation, Deletion (password-protected on the Extranet)
- Master data sheet: Delivery and communication point (password-protected on the Extranet)
- Master data sheet: IID and settlement account (password-protected on the Extranet)
- Handbooks (password-protected on the Extranet)