GLOBAL PAYMENTS KNOWLEDGEISO 20022 / SWIFT / SEPA / MT / MX
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A SIC payment (Swiss RTGS)

A Swiss franc interbank payment settles one order at a time across the banks' sight deposit accounts at the Swiss National Bank, in real time and with finality — but only if cover is there.

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Contributor Shubham Mathure

STEP 1 / 5MESSAGE

Bank Alfa submits the payment order

Bank Alfa (sending bank) → SIC / SIX Interbank Clearing

The sending bank transmits its SIC payment order to SIX Interbank Clearing, which operates the system on behalf of the SNB. This is an instruction — no money has moved yet.

Step 1 of 5: Bank Alfa submits the payment order

  1. 01Message
    Bank Alfa submits the payment orderBank Alfa (sending bank) → SIC / SIX Interbank Clearing
  2. 02Processing
    SIC verifies sufficient coverSIC / SIX Interbank Clearing
  3. 03Settlement
    SIC settles the payment on SNB sight deposit accountsBank Alfa (sending bank) → Nordbank (receiving bank)
  4. 04Message
    Nordbank is confirmed of the settled paymentSIC / SIX Interbank Clearing → Nordbank (receiving bank)
  5. 05Posting
    Nordbank books the fundsNordbank (receiving bank)
MESSAGECLEARING OBLIGATIONSETTLEMENTPOSTING
Full step-by-step text (works without JavaScript)
  1. 01Message
    Bank Alfa submits the payment orderBank Alfa (sending bank) → SIC / SIX Interbank Clearing

    The sending bank transmits its SIC payment order to SIX Interbank Clearing, which operates the system on behalf of the SNB. This is an instruction — no money has moved yet.

  2. 02Processing
    SIC verifies sufficient coverSIC / SIX Interbank Clearing

    SIC checks that Bank Alfa's settlement account holds enough of an SNB sight deposit balance to fund the order. An RTGS system settles only when the money is actually there.

  3. 03Settlement
    SIC settles the payment on SNB sight deposit accountsBank Alfa (sending bank) → Nordbank (receiving bank)

    SIC settles the order individually, irrevocably and with finality in central-bank money, debiting Bank Alfa's sight deposit account at the SNB and crediting Nordbank's — one payment at a time.

    • DR Bank Alfa's sight deposit account at the SNB — CHF 1,200,000.00
    • CR Nordbank's sight deposit account at the SNB — CHF 1,200,000.00
  4. 04Message
    Nordbank is confirmed of the settled paymentSIC / SIX Interbank Clearing → Nordbank (receiving bank)

    SIC advises the receiving bank that the funds are final on its SNB sight deposit account, with the details of the payment it now needs to book to its customer.

  5. 05Posting
    Nordbank books the fundsNordbank (receiving bank)

    Because the interbank leg already settled with finality in central-bank money, Nordbank can credit the beneficiary's account without waiting for anything else.

    • CR Beneficiary's account at Nordbank — CHF 1,200,000.00

What this simplifies: One high-value order settling gross. Real SIC operation also processes retail and instant payments across many participants, with intraday liquidity and queue management throughout the day.

LEARN THE CONCEPTS BEHIND THIS FLOW

Sources for this flow2
  1. Official requirement

    Swiss Interbank Clearing (SIC) ↗ — Swiss National Bank / SIX Interbank Clearing

    Describes the Swiss Interbank Clearing (SIC) system, Switzerlands central RTGS payment system (launched 10 June 1987), operated by SIX Interbank Clearing on behalf of the Swiss National Bank: payment orders are executed individually, irrevocably and with finality in central bank money in real time via participants RTGS or instant-payment settlement accounts, provided sufficient cover, settled on sight deposit accounts at the SNB. Instant payments have been available to bank customers since 2024. · Checked 2026-07-14

    SIC settles gross and final in central bank money on SNB sight deposit accounts, and also processes retail payments.

  2. Simplified educational illustration

    Payments Signal editorial teaching models — Payments Signal

    This site's own simplified teaching models. · Checked 2026-07-12

    What this simplifies: Fictional banks and a single interbank payment; real SIC flows also carry retail and instant payments, many participants, and intraday liquidity handling not shown here.

    Used wherever diagrams, scenarios, figures, or example values are didactic constructions rather than sourced facts; every such use carries a simplifications disclosure. All people, companies, banks, and list entries in examples are fictional.