Info Center

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:

• EPC Rulebooks
• EPC Register of Participants

Service providers to SIC and euroSIC system participants (Note: incomplete list - only includes self-declared participants)

• Form "Self-declaration of providers for participants in SIC and euroSIC"

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.

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:

1. Create an account on www.swissid.ch
2. Download the SwissID app
3. 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).

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)