The Secure Swiss Finance Network (SSFN) which the Swiss National Bank (SNB) launched together with the Financial Services Provider SIX in November 2021 provides Switzerland with the fast and permanent data transmission required for instant payments within a highly secure environment.
Based on SCION
The SSFN is a communication network that enables secure data exchange between authorised financial market participants and Switzerland’s financial market infrastructures. It protects against major internet risks (e.g. distributed denial-of-service, or DDoS, attacks), thereby strengthening the cybersecurity of the Swiss financial centre. The SSFN is based on the innovative SCION network architecture developed at ETH Zurich. While the SSFN will initially run in parallel with one of SIX’s existing communication services (Finance IPNet), it will replace this service in the medium term. In addition to the security features mentioned, the SSFN is also flexible and robust.
Communication in the SSFN is based on cooperation among various telecom providers, who together form a network. Since communication within this network is not dependent on a single provider, the SSFN offers a high level of reliability and resilience.
“These characteristics make the SSFN very relevant for the SNB, especially in the context of cashless payments – and, specifically, the new ‘instant payments’ service being planned by the banks,” says Andréa Maechler, Member of the Governing Board of the Swiss National Bank.
More information: Introductory remarks, news conference (snb.ch)