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THE euroSIC EURO PAYMENT SYSTEM

Swiss Interbank Clearing operates the euroSIC interbank payment system for transactions in euro on behalf of the Swiss banks. In 2007, euroSIC processed a total of 3.5 million transactions worth over EUR 967 billion, which corresponds to nearly 95% of the total turnover settled in Switzerland. The system is monitored and steered by the SECB Euro Clearing Bank in Frankfurt. Over 150 financial institutions with more than 3,200 bank branches currently participate in euroSIC.

With swisseuroGATE, Switzerland as a non-EU member state, has an interface via euroSIC and TARGET2 to all 22 real-time gross settlement systems (RTGS) in euros of the EU 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 with swisseuroGATE. Conversely, swisseuroGATE enables the EU/EEA banks to conduct euro transactions with the euroSIC participants.

Guided TourThis animated presentation illustrates, by clicking on the small picture to the left, all worth knowing of the Swiss payment traffic system euroSIC. It is part of Swiss Interbank Clearing's interactive Guided Tour. Navigation tips. Macromedia Flash is required to view the Guided Tour. This software can be downloaded here for free.

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 financial institutions worldwide can be addressed.
  • Payments via TARGET/TARGET2 or TARGET2-BBk (formerly RTGSplus) to Switzerland and vice versa .
  • Payments via TARGET/TARGET2, TARGET2-BBk 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.

Would you like more information or a personal consultation? Call +41 44 279 47 47 or contact us using the online form.

Direct access

What's new on euroSIC
Accelerated growth of SEPA-compatible euro payment traffic

Swiss Interbank Clearing in brief

Banking holidays 2008

SECB Annual Report 2006

SIC/euroSIC participants






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Swiss Interbank Clearing Ltd., Hardturmstrasse 201, CH-8021 Zürich
Tel. +41 44 279 31 11, Fax +41 44 279 45 50, Online form