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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 ...
Swiss Interbank Clearing Taiwan: Taiwan Clearing House Ukraine: National Bank of Ukraine's System of Electronic Payments [44] United Kingdom: Bacs Payment Schemes Limited United States: Federal Reserve Bank's FedACH and The Clearing House's Electronic Payments Network, underpinned by Nacha's ACH Network Venezuela
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.
The Swiss National Bank (SNB; German: Schweizerische Nationalbank; French: Banque nationale suisse; Italian: Banca nazionale svizzera; Romansh: Banca naziunala svizra) is the central bank of Switzerland, responsible for the nation's monetary policy and the sole issuer of Swiss franc banknotes. The primary goal of its mandate is to ensure price ...
The newly created association took over trading in 1995. It was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system. The association was renamed to SWX Swiss Exchange in 1999. [4] In 2002, the association was changed to a public limited company called SWX Swiss
Cheque clearing (or check clearing in American English) or bank clearance is the process of moving cash (or its equivalent) from the bank on which a cheque is drawn to the bank in which it was deposited, usually accompanied by the movement of the cheque to the paying bank, either in the traditional physical paper form or digitally under a cheque truncation system.
Postfinance Ltd (own spelling PostFinance) is a subsidiary company of the state-owned Swiss Post, [3] whose foundations date back to the early 20th century as the financial services department of Swiss Post. [4] Postfinance is active in retail banking and business client business and as such is one of the largest Swiss financial institutions. [5]