title: Switzerland — Payment Corridor Dynamics | World Payments Monitor canonical: https://payments.gi/jurisdictions/switzerland/w5/ publisher: Asymmetric Intelligence ### W5 Payment Corridor Dynamics 1 gap Confirmed confirmed 2026-06-27 Domestic CHF clearing runs through the SNB-supervised SIC RTGS system operated by SIX (since 1987), settling interbank, large-value, retail and card flows in central bank money. Cross-border euro flows run via euroSIC, operated with the Swiss Euro Clearing Bank (SECB) in Frankfurt, providing a gateway to TARGET/European systems; Switzerland also participates in SEPA despite being a non-EU member. SIC Instant Payments launched August 2024 covering banks handling >95% of retail payments, with full participation expected by end-2026, and TIPS–SIC IP cross-border links are being explored. SIC is a systemically important FMI subject to the CPMI-IOSCO PFMI. Open gap — wpm-int-2 No corridor-specific development for CH was located this cycle._Corridor-level data is a structurally under-indexed vector per methodology bias corrections._ Horizon · 2026-Q4 (± a quarter) SIC5 full participant coverage mandate_Adopted, not yet in force · Tier 4 source_ Horizon · 2026-12 (± six months) SIC Instant Payments — universal retail participation deadline_Adopted, not yet in force · Tier 2 source_ Standing sub-brief · as of 27 June 2026 201 words · last cycle 2026-06-27 #### Payment Corridor Dynamics The Swiss Interbank Clearing (SIC) system is Switzerland's central RTGS payment system, operated since 10 June 1987 by SIX Interbank Clearing on behalf of the SNB, processing large-value and retail payments in central bank money and subject as a systemically important FMI to the CPMI-IOSCO PFMI. SIC Instant Payments settles account-to-account within 10 seconds, around the clock. euroSIC/SECB in Frankfurt provides a cross-border euro gateway into TARGET, and Switzerland participates in SEPA despite non-EU membership — the structural backbone of how cross-border euro flows reach Swiss participants. SIC Instant Payments launched in August 2024 (20 August 2024), covering banks handling over 95% of retail payments and transferring funds A2A within 10 seconds around the clock under SNB monitoring; full participation is expected by end-2026, with a Phase 2 cohort of around 180 more institutions joining. The end-2026 universal-participation deadline forces all retail-active Swiss institutions onto instant rails — a near-term infrastructure shift. The Phase 2 rollout status as of mid-2026 is not independently verified and is carried as a gap. #### Outlook The central corridor and settlement architecture is established; the near-term milestone is the end-2026 SIC IP universal-participation deadline, with Phase 2 progress to be verified next cycle. no periodic updates on record for this sub-brief ** Sources and findings (4)** 1. T1 [https://www.snb.ch/en/the-snb/mandates-goals/payment-transactions/swiss-interbank-clearing](https://www.snb.ch/en/the-snb/mandates-goals/payment-transactions/swiss-interbank-clearing) retrieved 2026-06-27 2. T1 [https://www.bis.org/cpmi/paysys/switzerlandcomp.pdf](https://www.bis.org/cpmi/paysys/switzerlandcomp.pdf) retrieved 2026-06-27 3. T2 [https://www.six-group.com/en/products-services/banking-services/interbank-clearing/sic.html](https://www.six-group.com/en/products-services/banking-services/interbank-clearing/sic.html) retrieved 2026-06-27 4. T3 [https://stripe.com/resources/more/payments-in-switzerland](https://stripe.com/resources/more/payments-in-switzerland) retrieved 2026-06-27