Swiss National Bank and SIX Launch Nationwide Instant Payment System

The Swiss National Bank and SIX Interbank Clearing have launched a new instant payment solution, providing 60 lenders with the capability to process instant transactions, reports PaySpace Magazine. Announced on August 21, this service is set to be available to all financial institutions handling retail operations by the end of 2026. Currently, institutions using instant payments cover over 95% of retail transactions in Switzerland.

The new system, called SIC5, allows private individuals and companies to make account-to-account payments in seconds, available 24/7, even on public holidays. This service offers significant benefits, such as reduced risk and enhanced automation for businesses. Traditional payment methods will still be available, ensuring a smooth transition.

This initiative aligns with global digitalization trends, aiming to minimize cash transactions. The SIC5 platform complements the existing TWINT system, significantly expanding Switzerland's fintech ecosystem. In 2022, 377 million real-time transactions were made, with projections estimating growth to 1.4 billion by 2024, reflecting a 29% annual increase.