Target2 via euroSIC / SECB
AnaSys Ltd offers banks a fully-fledged SWIFT-FIN compatible Target2 access via euroSIC / SECB.
The Swiss Euro Clearing Bank (SECB) provides a service that enables its customers the option of making payments to Target2 participants. They need a euroSIC connection (Euro Swiss Interbank Clearing) without the necessity of being a Target2 participant themselves. This is interesting for banks outside the Euro system (UK for example) or banks without their own SWIFT connection.
Access to Target2 via SECB occurs via a euroSIC connection over SIX Group’s proprietary finance IPNet. Therefore, no SWIFT connection is required. SECB can execute payments to all Target2 participants. For euroSIC clients without direct Target2 membership, SECB acts as a counterparty and sends payments on behalf of its customers.
EuroSIC is aligned to the new message standard ISO 20022. For those who process their messages mainly in the SWIFT MT format, AnaSys offers alternatively a SWIFT-FIN compatible upgrade to a fully-fledged euroSIC solution with full functionality. This means that customers can continue to use today’s SWIFT-FIN messages without having to change their bank applications to the new message standard. This avoids costly adjustments in the core system. Reconciliation takes place by means of the MT950 with detailed transactions.
- Indirect Target2 access via SECB; payments to all Target2 participants supported
- direct euroSIC connection with automatic conversion of the SWIFT-FIN messages into the new ISO 20022 euroSIC format
- intuitive browser GUI for manual message processing and interactive querying of payment transactions and account balances (online cash management)
- the current MT 950 reconciliation process remains unchanged
- the fail-safe service is accessible via an encrypted https connection over the Internet (without the purchase of expensive hardware)
- contractual relationship with the SECB required
- cost effective Target2 access without direct membership
- no additional effort thanks to outsourcing (Service Bureau model)
- no upgrade of the bank or SWIFT application
- lower transaction rates of the SIX Group are applied
- future use of the solution for all SWIFT traffic (also with embargo compliance for SIC, euroSIC and SWIFT)