The SIC5 platform is at the heart of this transformation. Designed to meet the demands for speed and reliability in financial transactions, SIC5 enables instant payment processing, ensuring that funds are transferred and credited to the beneficiary's account in less than 10 seconds.
One of the strengths of SIC5 is its availability . Unlike previous systems, where transactions could be delayed by bank closing times or non-business days, SIC5 ensures an uninterrupted service.
The benefits of instant payment
Speed and availability
The great advantage of instant payment is the speed at which transactions are carried out. In just a few seconds, funds are transferred from the issuer's account to that of the beneficiary, regardless of bank opening hours or public holidays. This availability at 24/7 offers unprecedented flexibility.
Safety and reliability
Instant payments are designed to be secure and irreversible. Once a payment has been made, it is immediately finalized and cannot be reversed or cancelled. This considerably reduces the risk of fraud. However, in the event of an error, it is not possible to cancel the transaction. Users should therefore be particularly vigilant when making instant payments.
Reducing credit risk
With instant payments, the credit risk is reduced. Companies no longer have to worry about late payments, because funds are immediately available to their account as soon as the transaction is initiated. The balance of each account is therefore adjusted in real time.
Conditions
- Have an e-banking account
- For outgoing payments: have an account with a bank offering instant payments (e.g. UBS)
- The maximum transfer amount must be CHF 20,000
- Paying the fees (fees vary from bank to bank)
