Payment, clearing and settlement systems in Switzerland
Payment, clearing and settlement systems in
Switzerland
CPSS ? Red Book ? 2011
387
Contents
Switzerland
List of abbreviations..............................................................................................................391 Introduction ...........................................................................................................................393 1. Institutional aspects.....................................................................................................394
1.1 The general institutional framework ...................................................................394 1.1.1 Institutions.................................................................................................394 1.1.2 Legal framework .......................................................................................394
1.2 The roles of the Swiss National Bank ................................................................395 1.2.1 Oversight...................................................................................................395 1.2.2 Cooperation with other institutions............................................................396 1.2.3 Operational role ........................................................................................397 1.2.4 Provision of payment and settlement services..........................................397
1.3 The role of other private and public institutions..................................................399 1.3.1 PostFinance ..............................................................................................399 1.3.2 Banks ........................................................................................................400 1.3.3 SIX Group .................................................................................................400 1.3.4 Non-bank institutions ................................................................................400 1.3.5 Swiss Payments Council...........................................................................401 1.3.6 Swiss Bankers Association .......................................................................401 1.3.7 Federal Competition Commission.............................................................401 1.3.8 Foundation for Consumer Protection ........................................................402
2. Payment media used by non-banks ............................................................................402 2.1 Cash payments ..................................................................................................402 2.2 Non-cash payments ...........................................................................................402 2.2.1 Transaction accounts................................................................................402 2.2.2 Credit transfers .........................................................................................403 2.2.3 Direct debits ..............................................................................................404 2.2.4 Cheques....................................................................................................405 2.2.5 Card payments..........................................................................................405 2.2.6 Automated teller machines .......................................................................407 2.2.7 EFTPOS infrastructure..............................................................................408 2.3 Recent developments ........................................................................................409 2.3.1 Mobile payments.......................................................................................409 2.3.2 Payments in e-commerce .........................................................................410 2.3.3 Contactless and prepaid cards .................................................................410
CPSS ? Red Book ? 2011
389
Switzerland
3. Payment systems (funds transfer systems)................................................................ 411 3.1 General overview .............................................................................................. 411 3.2 Large-value payment system: Swiss Interbank Clearing................................... 411 3.2.1 Institutional framework ............................................................................. 411 3.2.2 Participation ............................................................................................. 412 3.2.3 Types of transaction................................................................................. 413 3.2.4 Operation ................................................................................................. 414 3.2.5 Settlement ................................................................................................ 414 3.2.6 Credit, liquidity and operational risk management ................................... 415 3.2.7 Sources of liquidity ................................................................................... 417 3.2.8 Links to other payment and securities settlement systems ...................... 418 3.2.9 Pricing policy ............................................................................................ 418 3.3 Large-value payment system in euros: euroSIC ............................................... 419 3.4 Continuous Linked Settlement .......................................................................... 419 3.5 Retail payment systems .................................................................................... 420
4. Systems for post-trade processing, clearing and securities settlement...................... 420 4.1 General overview .............................................................................................. 420 4.2 Central counterparties and clearing systems .................................................... 421 4.2.1 SIX x-clear................................................................................................ 421 4.2.2 Eurex Clearing.......................................................................................... 424 4.2.3 LCH.Clearnet Ltd...................................................................................... 424 4.3 Securities settlement systems ........................................................................... 425 4.3.1 SIX SIS Ltd............................................................................................... 425 4.4 The use of the securities infrastructure by the Swiss National Bank................. 428
390
CPSS ? Red Book ? 2011
AHV/AVS ATM BaFin
BIC CCP CLS Comco CSD DMIF DVP e-bills EFTPOS ETF euroSIC FINMA FISA FX GCM GDP GTCB IBAN ICM ICSD ISIN LSE MTF NBA NBO NCM PIN POS ROCH RTGS SARON
List of abbreviations
Switzerland
Swiss Old Age and Survivors' Insurance Fund automated teller machine Bundesanstalt f?r Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority (Germany)) Bank Identifier Code central counterparty Continuous Linked Settlement Swiss Federal Competition Commission central securities depository domestic multilateral interchange fee delivery versus payment electronic bills electronic funds transfer at the point of sale exchange-traded fund Swiss RTGS system in euros Swiss Financial Market Supervisory Authority Swiss Federal Intermediated Securities Act foreign exchange General Clearing Member gross domestic product General Terms and Conditions of Business International Bank Account Number Individual Clearing Members international central securities depository International Securities Identification Number London Stock Exchange multilateral trading facility National Bank Act National Bank Ordinance Non-Clearing Member personal identification number point of sale Recognised Overseas Clearing House real-time gross settlement Swiss Average Rate Overnight
CPSS ? Red Book ? 2011
391
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