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Implementation of monetary policy

Payment system support facility (PSSF)

From November 2027, the Payment System Support Facility (PSSF) will facilitate the settlement of payment transactions and support participants in the Swiss Interbank Clearing (SIC) payment system in bridging unexpected, short-term liquidity bottlenecks. The Swiss National Bank's counterparties will then also be able to obtain liquidity at weekends and during off-peak times. The PSSF will replace the intraday facility and the liquidity-shortage financing facility (LSFF).

On this page, the SNB provides information on the design and technical implementation of the PSSF, enabling its counterparties to prepare for the introduction of this facility.

Go-live and transition phase

The PSSF will go live with the annual release of the SIC system scheduled for November 2027. The current intraday facility will be discontinued at that time, as under the PSSF it will remain possible to draw intraday liquidity via repo transactions as before. During a transition phase, the current LSFF will continue to be operated alongside the PSSF to give counterparties time to make the changeover.

Documents

Circular letter: "Information on the introduction of the Payment System Support Facility and adjustment of the special rate"
Information on the design and technical implementation of the Payment System Support Facility (PSSF)

Publications

10.04.2025Petra Tschudin / Thomas Moser, Member of the Governing Board / Alternate Member of the Governing Board
Fast and available round the clock: What instant payments mean for households, companies and financial institutions

Contact

Counterparties may contact moneymarket@snb.ch if they have any questions regarding the PSSF.

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