In spring 2016, SIX Interbank Clearing was the first market infrastructure which completely moved to ISO 20022. The next big milestone is the migration of the Swiss banks to ISO 20022. By now – so almost two months before the deadline! – 90% of all Swiss interbank clearing payments transactions have been successfully migrated. We are convinced that the migration will be completed by November 2017 – in time.
The SIC interbank payment system for Swiss francs plays a key role for the Swiss financial center: On the one hand, it facilitates the cash-side settlement of securities transactions within seconds; while, on the other hand, it is a crucial system that the SNB has at its disposal for implementing its monetary policy and correspondingly ensuring liquidity supply for the Swiss money market.
Besides the participants’ large value payments, a significant portion of retail payments, such as direct debits and card transactions (ATM/tancomat/EFT-POS), are also processed through the SIC system. It has been among the most secure and highest-performing payments traffic infrastructures in the world for decades.
The new SIX financial market infrastructure uses the latest hardware and software technologies and facilitates the inexpensive, efficient and future-oriented processing of Swiss payment traffic.
As the first system of its kind in Europe, the new SIC is based on the ISO 20022 message standard. This standard significantly lowers the number of technical interfaces between participants and the central Swiss financial market infrastructure and reduces the complexity that has grown over time.
The ISO 20022 message standard also lets participants of the SIC system supply interfaces to their customers featuring innovative payment functionality and modern, standardized messages. This simplifies interoperability between various interfaces, end devices and mobile apps while benefitting from automated processed for accounting within companies.