Instant payments have officially arrived in Switzerland, according to media releases published on Wednesday by the financial market infrastructure provider SIX and the Swiss National Bank (SNB).

The launch took place on Tuesday, and now around 60 financial institutions can receive and process instant payments, covering over 95 percent of Swiss customer payments, according to SIX and the SNB. By the end of 2026, all financial institutions involved in customer payments are expected to participate.

Reduced Risks and Increased Automation

Instant payments allow individuals and businesses to transfer funds from account to account within seconds, 24/7. What are the benefits for individuals, businesses, and commercial banks? «Thanks to shorter settlement chains, risks are reduced, and funds received are available immediately. For companies and commercial banks, instant payments expand opportunities for automating processes and linking with other services», the releases state.

Traditional transfers with longer processing and settlement times will still be available. The SNB and SIX subsidiary SIX Interbank Clearing AG (SIC AG) expect that instant payments will become widely adopted in Switzerland in the medium term and serve as a foundation for further innovations in payment systems.

Division of Responsibilities Between SNB and SIX at SIC

According to the National Bank Act, the SNB is tasked with facilitating and securing the operation of cashless payment systems. The central payment system for Switzerland is operated by SIX's subsidiary, SIC AG, and is therefore referred to as the SIC system, with the SNB serving as the principal and system manager.

In November 2023, SIC AG and the SNB laid the technological groundwork for instant payments by launching a new generation of the central Swiss payment system, known as SIC5.