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The following Swiss National Bank (SNB) instruction sheet on cashless payment transactions provides an overview of the giro and SIC systems and the categories of participants admitted. It specifies the associated conditions of participation, in particular the admission criteria and the administrative conditions. The instruction sheet is for information purposes only and is in no way legally binding.

Instruction sheet on admission to the SIC system and sight deposit accounts

The SIC system plays a key role in containing the systemic risks of Switzerland’s financial sector and thus contribute to the stability of the financial system.

Non-performance by one or more participants may cause liquidity or credit problems. The SNB as system manager has instruments that reduce the probability of a systemic risk.

SNB Report on the Stability of the Financial System

Rights and obligations of the participant are regulated in a contractual agreement between SIX Interbank Clearing and the participant and between the SNB and participant. The SIC Handbook in its currently valid version is an integral and binding component of the SIC contract, along with any specific requirements and regulations as issued by the SNB or SIC Ltd.

Conditions of the SNB

The SNB as the SIC system manager keeps the participants accounts, steers and supervises payment transactions and has the right to waive instructions or regulations for SIC.

Contracts

For the SIC participation the following contracts are to be signed:

• SIC participant agreement
• Agreement regarding participation in the SIC system

Participant operational readiness

Each participant is liable to be fully operational on SIC operation days both financially and technically. This commitment endures until the participants' last incoming payments (including third-party system payments) are settled. This also applies to cantonal and local holidays.

Participation duties

Each SIC participant is obligated to

• receive, process and acknowledge all use cases registered according to master data;
• have all third-party system payments settled according to master data;
• implement future SIC developments in a timely fashion, unless the contractual relationship is cancelled by the participant according to the mandatory published changes.

In order to ensure the protection of gateways and thus the entire SIC system, the SNB has decided to only authorize service bureaus that meet the minimum requirements defined by the SNB for technical access to and the exchange of payment messages with the SIC system. The minimum requirements apply to all already authorized service bureaus as well as to all new service bureaus that wish to offer their services to SIC participants in the future. The minimum requirements and the description of the certification (attestation) process can be found in the requirements document.

An overview of all admitted service bureaus can be found here.

Description

The SASS system will be used for the SIC-RTGS, euroSIC-RTGS and SIC-IP Service payment systems as well as for the SECOM securities settlement system. It guarantees the secure and unadulterated transmission of messages in the Swiss Value Chain within the Swiss financial center infrastructure.

SASS security software forms the interface between the Gateway application and the HSM hardware components (Hardware Security Module; CH-HSM). The cryptographic operations using the private key take place in the HSM, the remaining operations with the SASS security software. The SASS software is available for Windows 2019 Server R2 or RedHat Enterprise Linux 8.

Websites:

Elca Informatik AG
Securosys SA

Ordering SASS software

The SASS software and the corresponding documentation can directly be obtained on the password protected Extranet.

Ordering Primus HSM S2-Series

To order the HSM, please use the form available on the Extranet. The signed order is to be sent directly to Securosys. They will then deliver the ordered hardware along with the necessary supplementary materials. The corresponding documentation and firmware updates can be accessed through the Securosys support portal.

Please note that SIX has not tested all combinations of HSM firmware versions and SASS software versions. SIX communicates the combinations of SASS software and HSM firmware that have undergone extensive testing. Other combinations are possible, but we recommend conducting thorough tests. For more information and details, please refer to the provided resources here.

Support:

For questions regarding SASS, please contact SIC Key Management. Support pertaining to CH-HSM is provided by Securosys through its web support portal.

Contact

Documentation and User Manuals

The current software versions and user manuals for the SASS software can be downloaded on the password protected Extranet at any time. The current HSM firmware can be downloaded from Securosys portal at any time.

SASS Software and HSM Firmware Combinations

Key Management

In an authorization form each participant must name at least two SIC/euroSIC authorized representatives to conduct the functions necessary for key management.

When exchanging public certificates, the corresponding fingerprint must be sent by e-mail or via the postal service to the Key Management (SIX Interbank Clearing Ltd) by the SIC/euroSIC authorized representative.

Public Certificates

Information is available on the password protected Extranet.