الأثنين، فبراير 19 فبراير 2024
SIC5, the innovative payment system by SNB and SIX, transforms finances with instant payments, enhancing money management and reducing risks.
The new payment system called “SIC5” promises that payments will be made in real-time.
The Swiss National Bank (SNB) and the stock exchange operator SIX officially launched the system in mid-January. Now, the banks are introducing it step by step.
The core element of “SIC5” is the so-called “Instant Payment Services,” or IPS. This enables real-time money transfers within Switzerland – i.e., electronic payments around the clock, seven days a week, and in seconds.
This simplifies money management, reduces settlement and counterparty risk, and creates “more scope for the automation of processes.” Another advantage is that companies, banks, and private individuals always have a real-time overview of their finances.
From August 2024, larger banks will have to accept instant payments. Specifically, the roadmap envisages at least 50 banks joining in by then. According to SIX, these banks together account for around 98% of all payments in Switzerland. The remaining institutions have until the end of 2026.
“SIC5” brings further advantages: sooner or later, there should be hardly any more payment fees for online shopping. It is also conceivable that tradespeople and market stall operators could be paid even more directly. This is because a payment terminal or a detour via an app like Twint would no longer be required.
According to Pflüger, there is still no solution to the problem that the promised instant payments are not really “instant.” This is because a transfer can take up to 10 seconds.
However, the trade association is “very confident” that a solution can also be found for this in the future. “But not by August 2024.”
Twint does not consider “SIC5” a threat to its business model: “People will continue to use Twint in the future,” said spokeswoman Demet Biçer confidently when the news agency AWP asked. The company intends to use the new transfer infrastructure and examines whether it could lead to follow-up innovations.
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