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The central payment system (SIC) provides the financial sector with central bank money and carries out payments between banks and other market participants. It is crucial for successful monetary policy and is often performed by central banks themselves.

The SIC payment system

SIX Interbank Clearing Ltd operates the SIC payment system on behalf of the Swiss National Bank (SNB). The SNB has a direct online link to the SIC and ensures smooth operation. The participating banks are also linked to the system, either directly or via an IT centre. Each of the banks participating in the SIC have a giro account at the Swiss National Bank.

Depending on the settlement currency, transactions are settled via the following institutions:

  • SIC - SIX Interbank Clearing
  • EuroSIC
  • SIS - SIX Securities Services