SIX successful in migrating clearing payments under ISO 20022
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SIX successful in migrating clearing payments under ISO 20022 19th October 2017Zurich Reporter: Jenna Lomax
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SIX Interbank Clearing has successfully migrated 90 percent of clearing payments through its new interbank payment system under ISO 20022 messaging standards.
The new Swiss Interbank Clearing (SIC) payment system facilitates the cash-side settlement of securities transactions in real-time.
In addition, the Swiss National Bank has the system at its disposal for implementing new monetary policy and correspondingly ensuring liquidity supply for the Swiss money market.
SIX revealed that it is “convinced that the migration will be completed” by November deadline.
The ISO 20022 message standard is designed to lower the number of technical interfaces between participants and the Swiss financial market infrastructure.
In April last year, SIX become the first clearinghouse to clear transactions solely through the standards.
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