SIX Interbank Clearing’s payment traffic platform
Message standards
  • LSV
  • SWIFT FIN
  • ISO 20022
Communication
  • Finance IPNet
  • Internet
  • SWIFT
RTGS
core platform
  • SIC
  • euroSIC
Gateways
  • Web portal
  • Messaging Gateway
  • SWIFT

SIC – A brief portrait. First milestone in the world of Swiss RTGS systems

Benefits

  • Open for all payment types
  • 24-hour delivery
  • Real-time processing
  • Finality
  • Real-time liquidity management
  • Integral part of the Swiss Value Chain
  • Competitive prices
Facts & Figures

  • Established since 1987
  • 324 participants
  • More than 610 millions transactions in 2018
  • Up to CHF 248 billion turnover per day (2018)
  • More than 39,000 billion turnover in 2018

euroSIC – A brief portrait. Second milestone in the world of Swiss
RTGS systems

Benefits

  • Open for all payment types
  • 24-hour delivery
  • Real-time processing
  • Finality
  • Real-time liquidity management
  • Integral part of the Swiss Value Chain
  • Competitive prices
  • Access to the European systems TARGET2, STEP1
  • Access to SEPA (STEP2, Equens)
Facts & Figures

  • Established since 1999
  • 184 participants
  • More than 9.3 millions transactions in EUR in 2018
  • More than 2,800 billion yearly turnover (2018)
SIC
SNB
Bank
Interbank
products
PostFinance
CLS
CSD
Service bureau
Branch
Branch
Branch
Bank
Bank
Bank
Exchange

SIC – Payments round the clock, in real time

The course of a clearing day
  • 24-hour delivery
  • SNB monitors the system and
    steers liquidity
  • Levels of priority
    with first in – first out
  • Liquidity verification
  • Transparency withing the queuing
  • Finality of the payment
  • Interest-free intraday liquidity
*DEP: Day-end processing

16:20
DEP*

08:00

17:00

DEP*

C>A
A>B
B>A
C>B
B>A
B>C
C>B
C>A
A>B
C>A
C>B
A
B
C
SIC
Priority 1
Priority 2
SNB sight deposit accounts
SIC settlement accounts
SNB
A
B
C

SIC – And the Swiss RTGS system architecture

SIX Interbank Clearing’s payment traffic platform
Message standards
  • LSV
  • SWIFT FIN
  • ISO 20022
Communication
  • Finance IPNet
  • Internet
  • SWIFT
RTGS
core platform
  • SIC
  • euroSIC
Gateways
  • Web portal
  • Messaging Gateway
  • SWIFT

SIC – Part of the securities settlement (Swiss Value Chain)

Securities, derivatives (DVP process*)



  • SIX Swiss Exchange
    (securities trade)
  • SIX Repo and Eurex
    (repo and derivatives trades)
  • SIX SIS
    (securities settlement)
  • SIX Interbank Clearing
    (payments processing)
* DVP: Delivery versus payment
Trader
Exchange
Trader
SECOM
SIC
euroSIC
Execution
Execution
Advice
Status intimation
Status intimation
Payment instruction
Payment advice

SIC – Partnership with CLS

Foreign exchange business (DVP process*)

18 currencies are traded via CLS (Continuous Linked Settlement), including the Swiss franc.

* DVP: Delivery versus payment
CLS Bank
New York
CLS System
London
SIC
Settlement
Member
Third Party
Member
Settlement
Clearing
CHF

SIC – Hub for manyfold payment services

Interbank products

LSV/BDD (direct debit procedures)

Card transactions

  • Bancomat
  • Automated fuel dispensers
  • EFT/POS
  • Payment apps
SECB
EU
euroSIC
CSD
Gateways
  • Web portal
  • Messaging Gateway
  • SWIFT
Banks
Interbank
produts
Exchange

euroSIC – Right in the middle

Online connection from Switzerland to the world and vice versa
Bank
worldwide
EU/EEA
bank
TARGET2
STEP1
STEP2
STC
STEP2
SDD
EMZ/SEPA-
Clearer
Equens
SEPA
bank
euroSIC
SECB
Swiss bank

euroSIC – The hub for payment traffic in euro

The gate for euro payments into the EU

  • SEPA and non-SEPA payments
  • More than 36,000 institutions in the eurozone and worldwide can be addressed through one interface only
  • Over 140 participating institutions use euroSIC for SEPA payments
  • Use of existing interbank applications and message standards for euro payments too
  • No correspondence bank connection needed
  • Favorable conditions
The gate for euro payments

  • SEPA and non-SEPA payments
  • Over 3,200 bank branches in Switzerland and Liechtenstein can be addressed over one interface only
  • TARGET2 and SEPA systems payments possible according to the cut-off times of the respective systems
  • No correspondence bank connection needed
  • Favorable conditions
SIC
SNB
euroSIC
SECB
SECOM
Exchange
Bank
Investors
  • Simultaneous, final, irrevocable delivery
    of securities against payment
    (delivery versus payment)
  • Trade, settlement and clearing are fully
    integrated – on an online and real-time basis
  • Open even for financial institutions outside of Switzerland
  • Favorable transaction fees due to straight
    through processing
Trader
Exchange
Trader
SECOM
SIC
euroSIC
Execution
Execution
Advice
Status intimation
Status intimation
Payment instruction
Payment advice

SVC – In the European context

Stock exchanges
Central counter-
party (CCP)
Central securities
depository (CSD)
Payment systems
SIX Swiss Exchange /
SIX Repo
Bats
London Stock Exchange
NYSE Euronext
Deutsche Börse
SIX x-clear
LCH.Clearnet
Euronext Clearing
SIX Securities Services
Euroclear
Clearstream
SIC/euroSIC
CHAPS
TARGET2-Banque de France
TARGET2-Bundesbank
TARGET2

SVC – Repo business of the Swiss National Bank

What is a repo?

  • From a transaction technical perspective,
    the repo is the sale and simultaneous reflux
    of securities at an agreed repo rate
  • Since 1998
  • Daily auctions and collaterals
  • Overnight and longer-term credits
  • Intraday liquidity as required, interest free
  • Collaterals: SNB GC Basket bonds
  • About 120 participating nancial institutions
  • Instrument for the monetary policy steering
C>A
SNB sight deposit accounts
SIC settlement accounts
SNB
A
B
C
CHF

Please wait...