SWITZERLAND: SIX and Swiss National Bank Launch New Generation of Swiss Payment System

Tuesday January 16 2024

On 16^th January 2024, SIX Group (SIX) and the Swiss National Bank have launched the new generation of the Swiss payment system, known as SIC5. It creates the technical prerequisites for the processing of instant payments, enabling electronic customer payments to be made around the clock, seven days a week, and in a matter of seconds. Approximately 70 financial institutions will join the new instant payment service by the time it goes live on August 20, 2024. The enhanced Implementation Guidelines will serve as the basis for their customer-bank interface solutions.

Since 15 December 2023, detailed and binding information is publicly available to support financial institutions and their software partners in implementing solutions at the customer-bank interface. This information is contained in the Report on the Results of Part I of the Consultation Procedure on SPS 2024 and will be incorporated into the current Implementation Guidelines – for credit transfers, status reports and cash management. The new Implementation Guidelines for financial institutions will be published in February 2024.

Click on the above link for further information