SIC Instant Payments: Impact and Lessons Learned from Phase 1 Implementation
Instant payments were successfully launched in the Swiss market on August 20, 2024. Around 60 financial institutions, as part of Phase 1, are now able to receive and process instant payments, covering more than 95% of Swiss retail payment transactions, according to SIX Interbank Clearing Ltd (SIC Ltd)."This market launch represents a further important milestone and reflects the collective stakeholder commitment to the future of cashless payments in Switzerland", said the Swiss National Bank (SNB).In the coming months, roughly 260 more banks will announce similar services, and all financial institutions in Switzerland are expected to join by the end of 2026 as part of Phase 2.Join Bottomline who have connected over 60 banks to SIC IP, SIX, and other key experts as they highlight the best strategy for implementing SIC IP in Switzerland and how to ensure you stay one step ahead of your competition:How did the Phase 1 implementation go?What lessons can be learned and leveraged by Phase 2 banks?How will Instant Payments reduce Switzerland’s attachment to physical cash?What is the purpose and function of ‘Instant Payments Bridge’?How will SIC Instant Payments boost economic development and reduce settlement risk in Switzerland?How will SIC IP help to meet or even surpass the use of instant payments in the rest of Europe?Speakers: Vitus Rotzer, Chief Product Officer – Financial Messaging at Bottomline; Dennis Flad, Partner, t'charta; Zhenya Winter, Head of Marketing - Financial Messaging at Bottomline.
