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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. [2]
SIX Interbank Clearing AG (before November 2008: Swiss Interbank Clearing AG), based in Zürich, Switzerland, is a subsidiary of SIX Group. Since 1987 SIX Interbank Clearing has operated on behalf of the Swiss National Bank a payment platform for the processing of domestic and international payments ( clearing ) in Swiss francs and, since the ...
This page was last edited on 4 February 2025, at 23:24 (UTC).; Text is available under the Creative Commons Attribution-ShareAlike 4.0 License; additional terms may apply.
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 .
RTGS systems are usually operated by a country's central bank as it is seen as critical infrastructure for a country's economy. Economists believe that an efficient national payment system reduces the cost of exchanging goods and services, and is indispensable to the functioning of the interbank, money, and capital markets.
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]
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.
The Swiss National Bank's management and executive body is the governing board. The governing board is responsible in particular for monetary policy, asset management strategy, contributing to the stability of the financial system and international monetary cooperation. The Governing Board consists of three members: Chairman: Thomas Jordan [45]