interbank clearing

The committee's obligation was to set the operating rules, the procedure, and standards for Interbank Clearing System.

The tables, history and ongoing discussion is maintained by SIX Interbank Clearing.

This was reached with an agreement between the Interbank Clearing System (ICS) and other participating banks.

After a year, this committee worked toward Electronic Interbank Clearing System (EICS) which would make possible electronic exchange.

These are settled in the Swiss Interbank Clearing (SIC) system via sight deposit accounts held with the National Bank.

The ISO 4217 maintenance agency (MA), SIX Interbank Clearing, is responsible for maintaining the list of codes.

Hong Kong Interbank Clearing Limited (HKICL)

The change into manual and semi-manual exchange led to other developments and transformations of the Electronic Interbank Clearing System (EICS).

Swiss banks, as well as the post office (which handles some financial transactions) use an electronic payments system known as Swiss Interbank Clearing (SIC).

Since 1987 the SIC system has been operated by SIX Interbank Clearing AG on behalf of the Swiss National Bank.

SIX Interbank Clearing also maintains the tables, history and ongoing discussion for ISO 4217, the ISO standard that defines international currency codes.

SIX Interbank Clearing also participates in various committees to standardize national and international payments (IBAN and SEPA).

Banks access CHATS by connecting to it via Member Bank Terminals which are provided by Hong Kong Interbank Clearing Limited.

Netting and settlement of payments - banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments.

The release for the general public has been made possible only in November, after the debit system was tested as a separate component in the Electronic Interbank Clearing System (EICS).

This platform -which includes the Swiss Interbank Clearing system for francs and euroSIC for euros- connects virtually all Swiss financial institutions and a number of banks outside Switzerland.

Upon implementation of the first and second phases of this system in 2006/07, real time settlement through the interbank information transfer network (Shetab Banking System) and interbank clearing house was started in the review year.

It is operated by Hong Kong Interbank Clearing Limited, a private company jointly owned by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Association of Banks.

SIX Interbank Clearing AG (before November 2008: Swiss Interbank Clearing AG), based in Zurich, Switzerland, is a subsidiary of SIX Group.

Another important event was the one on the 7th of September, 2004 when the chief of the American office also the director of USAID acknowledged the Central Bank of Kosovo as the owner of the Electronic Interbank Clearing System present in Kosovo.

Since 1987 SIX Interbank Clearing has operated on behalf of the Swiss National Bank a payment platform for the processing of domestic and international payments (clearing) in Swiss francs and, since the introduction of the euro, also of payments in euros.

SIX Interbank Clearing AG, running the Swiss Interbank Clearing (SIC) syatem providing interbank clearing or Real Time Gross Settlement on behalf of the central bank of Switzerland the Swiss National Bank.