The Swiss Interbank Clearing (SIC) payment system
The Swiss Interbank Clearing (SIC) payment system is Switzerland's central payment system. Since its launch on 10 June 1987, it has been operated by SIX Interbank Clearing Ltd (SIC Ltd) on behalf of the Swiss National Bank. The participants eligible to use SIC primarily include Swiss banks and other financial market participants. As well as large-value transactions, the SIC system also processes retail payments connected with services provided by financial market participants (bank transfers, card payments, direct debits, etc.). Since it commenced operations, the SIC system has experienced continuous growth, in terms of both the number of transactions processed and the volume settled.
Further information on the SIC system can be found in 'The Swiss Interbank Clearing (SIC) payment system - Report on the SIC System and Disclosure Report'. This publication is issued by the SNB in cooperation with SIC Ltd. The first section of the publication ('Report on the SIC system') contains information on the Swiss Interbank Clearing payment system (SIC system). As a systemically important financial market infrastructure, the SIC system is subject to the CPMI-IOSCO Principles for financial market infrastructures (PFMI). The second section ('Disclosure Report on the SIC system') shows how the relevant CPMI-IOSCO principles apply to the SIC system.