Switzerland's euroSIC Shutdown Ends 28 Years of Domestic EUR Clearing

SIX Group will discontinue euroSIC on December 31, 2027, removing Switzerland's dedicated EUR-denominated RTGS after 28 years of operation. The transition requires Swiss financial institutions to redirect EUR interbank payments through eurozone correspondent banking or direct TARGET participation.

SIX Group confirmed a December 31, 2027 discontinuation date for euroSIC, Switzerland's EUR-denominated real-time gross settlement system. The platform launched in 1999 alongside the euro's introduction to provide Swiss banks with a domestic clearing route for EUR interbank payments.

The last LSV+ and BDD direct debit instructions in EUR must be submitted by August 31, 2027. SIC Platform Release 5.3, scheduled for November 13, 2026, incorporates adjusted processing standards for the transition period. Participants have approximately 18 months from May 2026 to finalize alternative EUR clearing arrangements through eurozone correspondent banking or direct TARGET participation.

The discontinuation reflects declining strategic rationale for maintaining a parallel domestic EUR clearing platform alongside the Eurosystem's TARGET infrastructure. SIX's CHF RTGS operations remain unaffected, having crossed one billion transactions for the first time in 2024 with 1,007 million payments worth CHF 57,038 billion.