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Since 1987, the SIC system has been operated by SIX Interbank Clearing (100% owned by the SIX Group) on behalf of the Swiss National Bank (SNB). [ 1 ] [ 3 ] 12 Swiss banks participated in the launch. The SIC was one of the first real-time gross settlement system operating worldwide, following Cedel launched in 1970.
The Swiss Euro Clearing Bank or SECB is a special-purpose bank based in Frankfurt, Germany, whose role is to facilitate transactions in euros by banks in Switzerland and Liechtenstein. It is the centerpiece of the euroSIC system, which is the euro counterpart to the Swiss Interbank Clearing (SIC) system for transactions in Swiss francs. [25]
A bank clearing number or BC number is a number used for the identification of financial institutions in Switzerland and Liechtenstein. Bank clearing numbers are connected to the Swiss Interbank Clearing and the euroSIC system. Bank clearing numbers consists of 3 to 5 digits.
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An automated clearing house (ACH) is a computer-based electronic network for processing transactions, [1] usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits .
When PTT was dissolved at the end of 1997 as part of a postal reform, the former payment transactions department became the Swiss Post subsidiary Postfinance. In the years that followed, Postfinance experienced strong growth. [7] In 2001, Postfinance was connected to the domestic payment system Swiss Interbank Clearing (SIC) of the banks. [8]
The Federal Office for Defence Procurement, known as Armasuisse, is offering a joint cash prize of 50,000 Swiss francs, or about $57,000, for the three best entries to a new idea competition aimed ...
These business units include services like clearing, acting as central counterparty, custody services, market data services, share registry, payment services, and running the real-time gross settlement (RTGS) system on behalf of the central bank of Switzerland, the Swiss National Bank.