The Swiss National Bank (SNB) and the European Central Bank (ECB) are launching an exploration phase to evaluate an interlinking between the instant payment service (IP service) of the SIC system, and TIPS, the Eurosystem's TARGET Instant Payment Settlement service. The aim is to assess the feasibility and economic viability of such an interlinking. This exploration phase will continue throughout 2026.

Instant payments allow private individuals and companies to settle domestic account-to-account transactions with immediate execution and final settlement in seconds - 24 hours a day, 7 days a week (including public holidays). The shorter settlement chains and immediate availability of funds reduce risks and offer significant advantages for individuals, companies and commercial banks.

An interlinking would allow for cross-currency instant payments, i.e. for payments originating in one currency area to be credited to an account in the other currency area within seconds. This initiative supports the general goal of making cross-border payments faster, cheaper, more transparent and more accessible.