The SIC franc payment system
SIX Interbank Clearing operates the payment system SIC on behalf of and under the supervision of the Swiss National Bank. The system processes Swiss franc payments between financial institutions in real time on a gross settlement basis.
The SIC system has been processing payments in real time and around the clock, setting an industry standard since 1987. Its operation is monitored and steered by the Swiss National Bank (SNB). The major payment system in Switzerland enables institutions worldwide to process almost all interbank liabilities from large-value to retail transactions in Swiss francs rapidly and securely.
Each participating institution maintains a settlement account with SIC, which is balanced daily with the use of a sight deposit account at the SNB. The SNB, as the system manager of SIC, has the option to verify cover-funds of any and all institutions and – if deemed necessary – provide a participant with the necessary funds or grant appropriate credits. SIC participants have real-time access to all data relating to their own account. They can directly monitor the settled incoming and outgoing payments, current accounting balances as well as pending payments.