Global financial software application provider Finastra has announced the completion of a Swiss Interbank Clearing (SIC) instant payments readiness project. Following this announcement, the global provider of financial software applications and marketplaces completed a Swiss Interbank Clearing (SIC) instant payments readiness project.

By leveraging Finastra’s cloud-based Service Bureau offerings and capabilities, Swiss banks and financial institutions will be given the possibility to transition to facilitating instant interbank payments in a secure and efficient manner. In addition, the company will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the announcement According to the official press release, it is expected that the 50 largest banks will be enabled to facilitate instant interbank payments in Switzerland and Liechtenstein by August this year.

In addition, all active participants in the Swiss client payment transactions system via SIC are set to have the possibility to process incoming user payments instantaneously by the end of 2026. At the same time, Finastra’s 24/7 instant payment tool, which is already leveraged by several banks and financial institutions, was developed to include real-time sanctions screening, with transactions being processed fast, securely, and efficiently. Alongside this initiative, Finastra will continually evolve and improve its products, aiming to give banks the opportunity to respond quickly to the changing customer, industry, and regulatory demands.

The company will also use optimised technologies in order to deliver robust sanctions screening and fraud prevention services, aiming to provide banks with the possibility to implement instant payments in a cost-effective way. By facilitating connectivity to SIC Instant Payments, and any critical transactions infrastructure of this kind, Finastra will continue its commitment to support financial institutions and their payment modernisation journey. SIC5 was developed by the Swiss National Bank (SNB) and SIX, and it is based on the ISO 20022 messaging standard which Switzerland has been using for several years.

The standard is aimed at improving the way companies and enterprises facilitate interoperability and cross-border transactions, while also giving banks the possibility to implement international payment capabilities in the future. .