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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.
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.
Participation duties
Each SIC participant is obligated to
- receive, process and acknowledge all use cases registered according to master data;
- have all third-party system payments settled according to master data;
- implement future SIC developments in a timely fashion, unless the contractual relationship is cancelled by the participant according to the mandatory published changes.
Requirements for service bureaus with a communication interface to the SIC system, attestation process and withdrawal of approval
In order to ensure the protection of gateways and thus the entire SIC system, the SNB has decided to only authorize service bureaus that meet the minimum requirements defined by the SNB for technical access to and the exchange of payment messages with the SIC system. The minimum requirements apply to all already authorized service bureaus as well as to all new service bureaus that wish to offer their services to SIC participants in the future. The minimum requirements and the description of the certification (attestation) process can be found in the requirements document.
An overview of all admitted service bureaus can be found here.
Any questions related to SIC? We are happy to help!
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:
Service Providers SIC RTGS System, euroSIC RTGS System and/or SIC Instant Payment (SIC IP Service)
Note: incomplete list - only includes self-declared participants
Company | Category | SIC-RTGS |
euroSIC-RTGS | SIC-IP-Service | |
---|---|---|---|---|---|
Banque Lombard Odier & Cie SA Rue de la Corraterie 11 | Service bureau | Yes | Yes | Yes | |
Bottomline Technologies DACH AG Rautistrasse 12 |
Service bureau Banking software operator Banking software provider | Yes | Yes | Yes | |
EFiS Swiss AG Sempacherstrasse 15 | Service bureau | Yes | Yes | Planned | |
Ergon Informatik AG Merkurstrasse 43 |
Banking software provider | No | No | Yes | |
Finastra Switzerland GmbH Bäderstrasse 29 |
Service bureau Banking software provider | Yes | Yes | Yes | |
Hypothekarbank Lenzburg AG Bahnhofstrasse 2 | Service bureau | Yes | Yes | Yes | |
Icon Solutions 27 / 37 St George's Rd |
Banking software provider | No | No | Yes | |
Incentage AG Mülistrasse 18 | Banking software provider | Yes | Yes | Yes | |
InCore Bank AG Wiesenstrasse 17 | Banking software operator | Yes | Yes | Planned | |
Logisoft AG Neue Winterthurerstrasse 15 |
Banking software provider | Yes | Yes | Yes | |
SWIFT Avenue Adèle 1 | Banking software provider | Yes | Yes | No | |
Swisscom (Schweiz) AG Pfingstweidstrasse 51 | Banking software operator | Yes | Yees | Yes | |
SYNTRON Informatik AG Rikonstrasse 22 | Banking software provider | Yes | Yes | No | |
Worldline (Schweiz) AG Hardturmstrasse 201 |
Banking software operator Banking software provider | Yes | Yes | No |
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 S4/S6/S6P). 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 S4/S6/S6P
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 corresponding 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.
HEADQUARTER SWITZERLAND
Securosys SA
Max-Högger-Strasse 2
8048 Zurich
E-mail: sales@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 |
HEADQUARTER SWITZERLAND |
Ordering: |
Ordering: |
Support: |
Web support portal: |
SASS SW version | Test system | Production system | Released HSM Firmware |
SASS 2.2.5 | as of 03.10.2023 | as of 17.11.2023 |
Firmware 2.8.51 Firmware 2.8.46 |
SASS 2.1.4 | as of 03.10.2022 |
as of 18.11.2022 | Firmware 2.8.46 |
SASS 1.7.5 | as of 03.10.2022 | as of 18.11.2022 | Firmware 2.8.46 |
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
Secure Swiss Finance Network (SSFN) is a communication network based on SCION technology, which is provided by SIX and other partners.
SSFN is an approved access path for the Messaging Gateway to SIC and euroSIC.
More information: www.six-group.com/ssfn
Ordering
System Interfaces
Description
Financial institutions participate in the SIC/euroSIC system 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 Secure Swiss Finance Network (SSFN). 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 SSFN 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).