SNB and ECB Explore Linking Instant Payment Systems

Switzerland’s central bank said on Monday that the Swiss National Bank (SNB) and the European Central Bank (ECB) are considering connecting their instant payment services.

In a statement, the SNB said, “This initiative supports the common goal of making cross-border payments faster, cheaper, more transparent, and more accessible.”

During the exploratory phase, the SNB will assess linking its Swiss Interbank Clearing (SIC) system with the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service.

The exploration phase is expected to continue through 2026. The statement noted that the aim is to evaluate both the technical feasibility and economic viability of such an interconnection.

The SNB added that this connection could enable cross-currency instant payments, allowing funds sent in one currency area to be credited to an account in another currency area within seconds.