SIC⁴ – New SIC Architecture shortlisted for the Swiss ICT Award
The new generation of the SIC Architecture with the launching of the new euroSIC system has been available since April 2015. The new SIC system was put into operation in April 2016.
The Swiss RTGS system SIC was introduced in 1987. This was a milestone in the processing of interbank payments of international significance. Twelve years later followed the launching of euroSIC operation. Today the architecture from back then is reaching its limits when it comes to adoption of new requirements from financial institutions.
The IT infrastructure upgrade, which caters for future technologies and standards, is being carried out in cooperation between the main stakeholders in the Swiss financial center and on behalf of the financial institutions and the Swiss National Bank as the SIC system manager and overseer of Switzerland's systemically important payments infrastructure.
The new RTGS platform, SIC4, was introduced with the euroSIC system on 16 April 2015. The new SIC system went live on 14 April 2016.
The migration to the new ISO 20022 message standard can be made by the financial institutions since July 2015 in euroSIC, and as of July 2016 in SIC. All euroSIC and SIC participants will have switched over by mid-2018. All message traffic with euroSIC and SIC will then take place in ISO 20022 or in the FIN standard.
Added value for the financial center
On the one hand, SIC4 is retaining its high level of security, reliability, high-performance and cost-efficiency. While at the same time, the new platform meets the future, new demands in terms of standards, functionality and compliance. In this way, the financial institutions, as participants in the Swiss payment system, will be able to optimally meet their customers' needs. In this regard, an important role is played by the ISO 20022 standard, already established in the interbank field for today's SEPA services and planned to be implemented in the TARGET2 and EURO1/STEP1 systems end of 2017. The standard will be increasingly important in the future in regard to the data exchange between financial institutions and their customers.
SIC4 is designed flexibly so that the introduction of new message standards of the future will be possible in a simple and cost-efficient manner.