Redeveloped Swiss payments systems is “first of its kind in Europe”
by Kylene Casanova
Switzerland's new interbank payments systems has gone live, enabling continuous processing of payments using global ISO 20022 messaging standards.
SIX, the operator of the infrastructure for financial services in Switzerland, has re-launched the redeveloped version of the Swiss Interbank Clearing (SIC) payment system on 14 April. According to SIX, this is the “first system of its kind in Europe”.
The introduction of the ISO 20022 standard means that fewer technical interfaces are needed between participants and the central Swiss financial market infrastructure, reducing complexity. It also lets participants of the SIC system supply interfaces to their customers, featuring innovative payment functionality and modern, standardised messages. According to SIX, this “simplifies interoperability between various interfaces, end devices and mobile apps while benefitting from automated processed for accounting within companies”.
SIC processed more than 440 million transactions worth around CHF 30,000 billion last year. At the end of 2015, there were a total of 350 participants in the SIC system, both within Switzerland and abroad.
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