The Swiss National Bank (SNB) and the European Central Bank (ECB) have launched an exploration phase to evaluate a potential interlinking between the instant payment service of Switzerland’s SIC system and the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service. The work will assess the feasibility and economic viability of connecting the two instant payment infrastructures. The proposed interlinking would enable cross-currency instant payments, allowing payments initiated in one currency area to be credited to an account in the other within seconds. The project is framed as supporting broader efforts to make cross-border payments faster, cheaper, more transparent and more accessible. The exploration phase is set to run throughout 2026.
Swiss National Bank 2025-09-29
Swiss National Bank and European Central Bank launch exploration phase to assess interlinking of SIC instant payments and TIPS
The Swiss National Bank and the European Central Bank have initiated an exploration phase to assess the feasibility of interlinking Switzerland’s SIC system with the Eurosystem’s TARGET Instant Payment Settlement service. This project aims to enable cross-currency instant payments and enhance the speed, cost, transparency, and accessibility of cross-border transactions.