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SIX Interbank Clearing AG

Standardized euro transfers throughout Europe - The successful launching of the new pan-European credit transfer scheme in Switzerland

Zurich (ots)

Financial institutions from 31 European nations,
among them Switzerland, have already successfully processed the first
customer payments in euro according to the new rules, which now apply
throughout Europe. In the so-called Single Euro Payments Area (SEPA),
bank customers can transfer cashless euro payments across borders as
easily and inexpensively as was previously only possible within their
respective national borders.
At the present time in Switzerland, 64 financial institutions can
process customer payments in euro according to the standardized
credit transfer scheme of the Single Euro Payments Area (SEPA).
Together, they cover over 90% of the potential volume in Swiss euro
payment traffic. Measured in terms of the number of financial
institutions, Switzerland takes seventh place among the 31 nations
participating in SEPA from the European Union (EU) and the European
Economic Area (EEA). In the EEA member nation, Liechtenstein, three
banks have thus far qualified for SEPA participation. It is
anticipated that the number of financial institutions participating
in SEPA, currently around 4,000 throughout Europe, will continue to
grow.
An initiative of the European banks
Following the introduction of the euro in 2002, SEPA represents a
further step in the realization of European single market in payment
traffic. The creation of the single European payments area by 2010 is
an initiative of the European Payments Council (EPC), a consortium of
banks and banking associations from throughout Europe, including
Switzerland. The committee has in recent years laid the foundations
for the fully automated and standardized payment traffic
infrastructure, which should lead the euro zone's greatly fragmented
payment traffic market into a single European market.
The three pillars of SEPA - outlook
Following the present introduction of the SEPA credit transfer
scheme, European banks will also be able to offer their customers the
first SEPA direct debit products in euro starting in 2009, which will
be based on pan-European principles as well.
The aim of the initiative in regard to card payments is to enable
bank customers to use their Maestro and credit cards throughout the
entire SEPA zone at ATMs and in stores without technical, legal or
economic barriers in the future.
About Swiss Interbank Clearing Ltd
Swiss Interbank Clearing belongs to Swiss Financial Market
Services Ltd, a company that was created through the merger of SWX
Group, SIS Group and the Telekurs Group on January 1, 2008. Swiss
Interbank Clearing operates the SIC payment system for Swiss francs
on behalf of the Swiss National Bank and euroSIC for euro
transactions on behalf of the Swiss financial center. It thereby
enables financial institutions around the world to rapidly and
securely process their electronic payment traffic in francs and euro.
On behalf of the Swiss financial center, Swiss Interbank Clearing, in
its role as the Swiss National Adherence Support Organisation (NASO)
for SEPA, also supports financial institutions in Switzerland and
Liechtenstein in administrative matters and accompanies them in the
SEPA registration process.

Contact:

Swiss Interbank Clearing Ltd
Andreas Galle
Head Business Management
Phone: +41/44/279'43'65
Fax: +41/44/446'73'74
E-Mail: andreas.galle@sic.ch
Internet: www.sepa.ch