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Electronic payments in Switzerland
In Switzerland millions of payments take place every day without recourse to cash, i.e. electronically. These involve not only the banks, but also the post office. Electronic payments require all participants to be connected to each other by a special computerised system known as Swiss Interbank Clearing (SIC). SIC is supervised by the National Bank and is considered to be one of the most efficient payment systems in the world. Participants transact payments using the money they hold on their sight deposit account at the National Bank.
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