Cashless payment transactions
In accordance with the National Bank Act (NBA), the SNB’s tasks include facilitating and securing the operation of cashless payment systems. The SNB performs this duty by acting as system manager for 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 (SIC 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 for participation, administering the accounts, issuing settlement rules, steering the daily processes, providing liquidity and organising crisis management.
The National Bank Act also allows the Confederation to avail itself of the banking services provided by the SNB (NBA art. 5 para. 4). In this regard, the SNB provides payment transaction services for the Confederation and federal bodies, acting on their behalf.