Zimmermann, You have been part of it since the start and have accompanied the SIC systems operations in various capacities.
CLeARIT - SIX Interbank Clearing
If you were to paint a picture, what would it be? Over time — and with increasing frequency — Switzerland found itself faced by the challenge that, as opposed to other markets, it had to adapt its infrastructure to international requirements without having the corresponding and necessary local resources, relative to the significance of the effort.
This gave us considerable drive to search for creative solutions for the SIC system, and to sometimes forge paths that had not previously been taken by others. Furthermore, the common language in those working groups was mostly German, the differences between base money and private account commitments were less important, and the regulatory requirements were far less specifically defined than today. Low liquidity, high throughput — the greatest innovation Does this mean that payment traffic was less regulated?
The Swiss National Bank was not a creditor within the transaction clearing, but instead concentrated on optimizing the system in such a way that with the lowest possible liquidity, the greatest possible throughput could be achieved.
CLeARIT - SIX Interbank Clearing
I believe that that was actually the greatest innovation. The participants fed the system with sufficient liquidity and the turnover ratio reached peaks that filled our neighbors with envy.
How do you perceive that? We advertised in various markets — originally with our SIC system, and later with our Swiss Value Chain — in order to show how transaction processing could be executed efficiently. Subsequently, we began to link the system with other international initiatives. The Swiss franc was one of the first currencies participating — via the SIC system.
Over time, all other central banks have adapted this concept to their standards. It was always important to us to be perceived as part of the whole. Abroad, the expertise of our staff and the constructive cooperation was always appreciated.
By participating in important international expert committees, we want to ensure that we can contribute, help shape and actively participate in the future, too. This all sounds very nice. Can you remember any problems?
SIX Telekurs rebrands as SIX Financial Information
There were always tough nuts to crack in developing the system. But I do believe that with our control and correction processes we were able to ensure that the participants were affected the least amount possible when shortcomings had to be fixed or improvements introduced.
Another problem area, of course, was balancing the varying needs of different participants. We integrated telekurs card swiss anti-aging solutions entire commercial payment traffic in SIC early on, doing the same later with clearings that were connected with securities transactions through the Swiss Value Chain.
You can imagine that over time, there were differing notions on that subject that needed to be discussed in depth. Telekurs card swiss anti-aging solutionsStephan was working for Swiss Bank Corporation. The joint efforts of banks and PostFinance in this project lead to animated political discussions back then, until it was ultimately implemented.
- Для меня это не будет иметь значения.
- Что-то такое, чего я никак не могу постигнуть.
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Where are the greatest benefits to your own bank, for instance, and to the financial center? The high level of resilience and low failure rate, along with the guarantee of an efficient liquidity provision with low capital investment, definitely counts as a competitive advantage.
Efficiency is a deal-breaking factor in competition and costs do play an important role in cooperation with our private and commercial customers. Why is a new SIC architecture necessary?
Our roads are perfect at the moment they are first opened for traffic. Once they have been driven on over the years, loreal crema antirid need re-surfacing. I believe that with a system such as the SIC, it is a similar situation. There has been continuous maintenance work, but at some point it becomes evident that the system has to be totally overhauled.
We also have a better understanding of how all the interfaces that we have created over all the years can be optimized and linked at the participating banks. But even with the best maintenance possible and comprehensive renovations, there comes a point in time when further investment decisions have to be made.
The new corporate identity also applies to the website.
And today is this point in time? Yes, Telekurs card swiss anti-aging solutions believe this moment has come. We just talked about the investments for the project.
И он не мог не сравнить холодное мужество Джизирака с паническим бегством в будущее Хедрона, хотя теперь, когда он стал лучше понимать человеческую натуру, он уже больше не решался осуждать Шута за его поступок. Он не сомневался в том, что Джирейну удастся задуманное.
In any joint project of this magnitude, the challenge is to convince all partners that a joint solution will satisfy current and future needs better and more efficiently than with other potential alternatives. Once that decision has been made, our leadership structure and Board of Directors comprised of representatives from all significant banking groups guarantees that these discussions are carried into the banks.
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How high the investments turn out to be for each individual institution will become apparent with the specific investment proposals. Meaning: Next year for the budget? How much does the SEPA affect our payment systems and the Swiss financial center as a whole, especially in view of the end date that was recently decided on by the European Commission?
Switzerland was one of the founding members of the European Payments Council; insofar as the information exchange is guaranteed, we are included in the decisions concerning the SEPA.
One thing is for certain: Our integration in Europe is important in the future, too. There is no eluding that fact.
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Switzerland has one of the most active cross-border markets. Which future regulatory and technological influences should we keep an eye on, in order to be able to react in due time?
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For me, these questions are significant in connection with the SIC systems redesign. We cannot change the regulatory environment landscape, but we can support the market participants and help their customers adapt to altered market conditions, both in national and international areas.
SIX Telekurs rebrands as SIX Financial Information
This will result in national schemes, standards and formats of the various EU and EEA countries becoming obsolete. Payments in thirty countries will be harmonized and processed on a uniform technical basis.
Switzerland is not standing idly by. This is a significant milestone for the European Union, since standardization of the European payment traffic is an essential prerequisite in EU politics in order to create an integrated economic area.
- August | | World Finance
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This should all lead to a marked fee reduction for acupunctura anti-imbatranire customers. If these expectations are met, payment traffic will be completely transformed into a volume-based business on a pan-European scale and success defined purely by size and the realization of the resulting economies of scale. Admittedly, it is also due to this diversity that the payment traffic quality is excellent and the needs and requirements of customers, operators and financial institutions are met in their entirety.
Can the Swiss financial market afford this diversity in the future?