At home in Frankfurt, the SECB is a commercial bank that is exclusively specialized in the processing of euro payment traffic and all related customer services, as well as cash and collateral management. It primarily, though not exclusively, provides its services to banks and financial institutions from Switzerland and Liechtenstein.
The SECB was founded in 1998 and obtained a full banking license. It launched banking operations on 1 January 1999.
The business purposes of the SECB include providing the connection to the most important euro clearing systems and the processing of payment traffic in euro, primarily for banks and financial institutions from Switzerland and Liechtenstein, as well as those from other countries.
In its role as a payments bank for banks, SECB acts as a correspondent bank for these financial institutions, while at the same time, as system manager of the euroSIC system, operated in Switzerland by SIX Interbank Clearing Ltd, is charged with the control and supervision of this system. Furthermore, it functions as a liquidity manager for the system and as a settlement agent for system participants.
The euroSIC system serves the SECB as a processing and settlement system for euro payments within Switzerland and across its borders. It is based on the Swiss SIC interbank payment system for Swiss franc payments and therefore includes all the functions of a RTGS system.