The SIC franc payment system


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.

SNB instruction sheet on cashless payment transactions

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.

SNB Report on the Stability of the Financial System

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 Swiss Payments Rulebook the Swiss RTGS Handbook form an integral component of the SIC supplementary agreement.

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 SNB, BM, TM, POS (Debit), Terravis, SECOM, Eurex and Repo 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.


For the SIC participation the following contracts are to be signed:

  • SIC giro agreement with the SNB
  • SIC supplementary agreement (contract with SIX Interbank Clearing pertaining to the code of conduct and responsibility for loss)

Participant operational readiness

Each participant is liable to be fully operational on SIC operation days both financially and technically. This commitment starts at 9 am CET and endures until the participants' last incoming payments (including service payments) are settled. This also applies to cantonal and local holidays.