euroSIC participating banks process all types of cross-border euro payments via the European Union's TARGET2 system rapidly, easily and inexpensively.
The euroSIC payment system
SIX Interbank Clearing's payment system euroSIC enables banks worldwide an efficient and inexpensive access to the euro finance marketplace and to the Swiss financial center.
With euroSIC, Switzerland as a non-EU member state, has an interface to the TARGET2 RTGS system of the eurozone countries, as well as to the German and the pan-European EMZ and STEP2 payment systems. euroSIC participants have a rapid, inexpensive real-time connection to all financial institutions in the EU/EEA zone. Conversely, euroSIC enables the EU/EEA banks to conduct euro transactions with the euroSIC participants.
Benefits in brief
- Euro payments from any place in the euro area to any place in Switzerland and Liechtenstein and vice versa.
- Over 3,200 bank branches in Switzerland/Liechtenstein and 36,000 institutions worldwide can be addressed.
- Payments via TARGET2 to Switzerland and vice versa.
- Payments via TARGET2 or STEP2 to and from Liechtenstein.
- No correspondence bank connection needed.
- Irrevocable and unconditional settlement in real time.
- Favorable conditions.
Liquidity management "à la carte"
The euroSIC system is available around the clock from Monday to Friday. It simplifies cash management in euro for banks and features automatic liquidity control. euroSIC makes online liquidity management available for this purpose.
Each participant holds a settlement account in euroSIC that is reconciled daily through a sight deposit account at the SECB. In the process, SECB can exercise its function as system manager and grant credit to the system participant’s settlement account should there be insufficient liquidity. euroSIC participants may utilize this intraday facility without paying interest. Collateral eligible for repos must always cover the amount drawn.
New euroSIC system and SEPA credit transfers monthly peaks
In December 2016, the interbank payment system for euros reached a new all-time monthly record by processing more than 750,000 payments. The Swiss SEPA payment channel via euroSIC/SECB/STEP2 topped all previous records as well, with 429,000 transactions totaling nearly EUR 7.2 billion.
First representative survey on Swiss payments – see the results in CLEARIT, exclusively
Swiss financial institutions, their IT partners and all other parties that are driving the migration to the ISO 20022 standard are going about it systematically and with expertise. That is the conclusion by the opinion and market research institute, gfs.bern, after evaluating a public survey.
Usually, banks participate in the Swiss RTGS systems SIC and euroSIC through proprietary interfaces from software providers or through the SWIFT network.
Financial institutions from all over Europe have SEPA-compliant credit transfers as well as direct debits processed on their behalf through the Swiss payment path.