Many euroSIC participants use this fast and inexpensive connection both for retail and large-value payments.

One account for all euro payments

Financial institutions transmit cross-border euro payments with swisseuroGATE to all banks participating in TARGET/TARGET2 in real time. Non-urgent payments – from Liechtenstein for example – can also be executed through this interface to both the German and pan-European bulk payment systems. All from a single euroSIC account that enables cost-efficient payment traffic for banks.

Real-time payments

Standard without surcharge: payments with guaranteed same value-day delivery to the beneficiary bank are executed irrevocably and unconditionally in real time. Customer payments are possible up until 4:15 pm CET and bank-to-bank payments until 5:15 pm CET. And this regardless of the transaction amount, of course.

Attractive prices

Cross-border transaction prices start as low as EUR 0.45 with swisseuroGATE. The very attractive and transparent prices are not dependent on quantity scales or other bilateral agreements, but are calculated according to the option chosen in three inexpensive price categories with fixed rates.

Payments worldwide

From Andorra to Zimbabwe: payments are processed via swisseuroGATE far beyond the euro zone. euroSIC participants used swisseuroGATE last year to conduct nearly 1 million transactions to banks in nearly every country in the world. And the trend is increasing.

Non-urgent payments

With two attractive payment services, the euroSIC system manager – the SECB – offers an extremely inexpensive payment route to euroSIC participants for non-urgent payments up to an amount of EUR 50,000. With the LVP Payments solution, such payments to Germany can be handled through the intra-German bulk payment system with at a cost of just EUR 0.45 per transaction. euroSIC participants from all EU/EEA countries (including Liechtenstein) receive access to the pan-European bulk payment systems at the same conditions and thus to all STEP participant banks.

Italian and Austrian euroSIC participants offer the routing of funds transfers to banks as well as the payment systems of their respective countries without diversion through TARGET/TARGET2, at competitive conditions.

TARGET/TARGET2 membership

euroSIC participants can connect to the German RTGS payment system via SECB at no additional cost. They need only complete a short SECB registration form and the SWIFT online form and they can also begin profiting from incoming payments from the euro zone. This facilitates the routing of euro transactions into the euroSIC system for partner banks in the European Union. This option is already used by 80% of euroSIC participants.

Participation in STEP2

euroSIC participants from EU/EEA countries can register as indirect STEP2 participants through the Bundesbank and the SECB. In this way, they can automatically receive payments from STEP2 through euroSIC and make the routing of euro transactions easier for their partner banks in the European Union.

Simple handling

The BIC code is used for addressing the beneficiary bank and the correspondent banks, or alternatively, the German bank code may be applicable. euroSIC participants conduct transactions through their existing euroSIC application and in the process use their familiar formats for customer payments (A11) and bank-to-bank payments (B11). SWIFT messages (MT103/MT202) can be transmitted smoothly through remoteGATE, the euroSIC interface.

Reduced SWIFT costs

Many institutions send MT103 messages directly to the beneficiary bank as well as a cover payment through correspondent banks. This creates the need for two SWIFT messages per payment. All cover payments are eliminated with swisseuroGATE, which can reduce communication costs for the sender bank.

Flexible price options

The SECB offer swisseuroGATE users various price options for commercial payments, which are determined in an agreement. For example, euroSIC participants located in Switzerland can avoid the euroSIC transaction fees for outgoing cross-border payments.

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