In Switzerland, payment transactions are handled primarily by the central bank (Swiss National Bank – SNB), the commercial banks and PostFinance. In accordance with the National Bank Act (NBA), the SNB’s tasks include facilitating and securing the functioning of the cashless payment systems. The SNB performs this duty by acting as system manager for the Swiss Interbank Clearing (SIC) system (cf. report «The Swiss Interbank Clearing (SIC) payment system»). However, the SNB does not operate the SIC system itself. Since the introduction of the SIC system in 1987, SIX Interbank Clearing Ltd has been responsible for operating it on behalf of the SNB. The main tasks undertaken by the SNB as system manager are determining admission criteria and conditions of participation, administering the accounts, issuing settlement rules, controlling the daily schedule, providing liquidity and organising crisis management.