SIC5 Launches as Swiss Payment System’s Next Generation, Paving the Way for Instant Payments

SIC5 Launches as Swiss Payment System’s Next Generation, Paving the Way for Instant Payments

(IN BRIEF) SIX and the Swiss National Bank have unveiled SIC5, the new generation of the Swiss payment system, which sets the stage for instant payments, enabling electronic customer payments to be processed 24/7 in a matter of seconds. Over 70 financial institutions are set to join the instant payment service by its official launch on August 20, 2024, covering the majority of customer payment transactions in Switzerland. The move toward instant payments offers various benefits, including immediate fund availability, simplified liquidity management, and reduced settlement risk. Detailed guidelines and information have been made available to facilitate the implementation of solutions at the customer-bank interface, further reinforcing the commitment to advancing payment traffic in Switzerland.

(PRESS RELEASE) ZÜRICH, 16-Jan-2024 — /EuropaWire/ — SIX and the Swiss National Bank have launched the new generation of the Swiss payment system, known as SIC5. It creates the technical prerequisites for the processing of instant payments, enabling electronic customer payments to be made around the clock, seven days a week, and in a matter of seconds. Approximately 70 financial institutions will join the new instant payment service by the time it goes live on August 20, 2024. The enhanced Implementation Guidelines will serve as the basis for their customer-bank interface solutions.

In November 2023, the Swiss financial center put the Instant Payment Service (IP service) of the central Swiss payment system SIC into operation. This created the technical prerequisites for the immediate and final transfer of value for cashless customer payments. The close cooperation between the Swiss National Bank, SIX and the financial institutions enabled the successful launch of the new infrastructure, the “SIC5” platform. This important milestone reflects the strong commitment of all parties involved to the future viability of payment traffic in Switzerland.

Preparations In Full Swing

Around 70 financial institutions will connect to the IP service by the official launch on 20 August 2024. Together, they will cover the majority of customer payment transactions in Switzerland. Technical preparations at the financial institutions are in full swing to ensure that they can offer appropriate end-customer solutions to the Swiss population and businesses. Benefits include the immediate availability of incoming funds, e.g. even during off-peak hours or weekends. This creates more scope for process automation, simplifies liquidity management and reduces settlement risk.

Since 15 December 2023, detailed and binding information is publicly available to support financial institutions and their software partners in implementing solutions at the customer-bank interface (e.g., e-banking channel). This information is contained in the Report on the Results of Part I of the Consultation Procedure on SPS 2024 and will be incorporated into the current Implementation Guidelines – for credit transfers, status reports and cash management. The new Implementation Guidelines for financial institutions will be published in February 2024.

Further information

•  Central website with basic information
• The new versions of the Implementation Guidelines will be published here
• Many hands, one goal – example of eight banks working together to implement instant payment
• The most important challenges for instant payment

About SIX
SIX operates and develops infrastructure services for the Swiss and Spanish Stock Exchanges, for Post-Trade Services, Banking Services and Financial Information with the aim of raising efficiency, quality and innovative capacity across the entire value chain of the Swiss and Spanish financial centers. The company is owned by its users (120 banks). With a workforce of 4,044 employees and a presence in 20 countries, it generated operating income of CHF 1.5 billion and Group net profit of CHF 185.0 million in 2022.
www.six-group.com

Media Contact:

Jürg Schneider
MEDIA RELATIONS
Head Media Relations
+41 58 399 2129

SOURCE: SIX Group