Webinar

Efficiently connecting to SIC5: Best practices and insights (German)

Name: Efficiently connecting to SIC5: Best practices and insights (German)
Start: 2025-01-13T18:00:00-05:00
End: 2025-01-14T17:59:00-05:00

14 Jan 2025

The Swiss National Bank has introduced the new SIC5 standard for instant payments, which requires adoption by financial institutions in Switzerland and Liechtenstein.

Grasping the SIC5 instant payment infrastructure and the steps for a successful connection is crucial. In a recent webinar, experts offered guidance on project requirements, detailed an implementation plan, and shared insights from Finastra’s extensive experience in this domain.

Regulatory Change

Cover image for "Efficiently connecting to SIC5: Best practices and insights (German)" webinar

Watch the on-demand version of this webinar to learn about key facts covered:

Global and Switzerland Overview: Insight into various instant payment systems worldwide and a focus on the SIC5 system in Switzerland, with a November 2026 deadline for banks to process transactions within five to ten seconds, operating 24/7, 365 days a year.
Implementation Challenges and Timeline: Key challenges include the need for 24/7 availability, high performance for processing transactions within 10 seconds, and project complexity involving multiple systems and departments. An 8-month project duration is recommended, emphasizing the importance of starting early.
New System Architecture and Screening Options: Description of the new system architecture required for instant payments, including a new straight-through processing engine and redundant connectivity. Two screening options were explained: the historic integration pattern and the bank orchestrated version.
Window Slots and Preparation: Emphasis on coordinating window slots for implementation with both Finastra and SIX, advising early planning. Necessary preparations include having a single point of contact, ensuring test systems are available, establishing connectivity, and using the SIX validation portal for message format testing.
Finastra's Support and Go-Live Approach: Details on how Finastra supports clients in their instant payment projects, including providing a single point of contact, test support, and connectivity details. A two-step approach for go-live was recommended, with a technical go-live to ensure all systems are ready and an official market go-live.

Speakers