#Sorry I’m a little late with the article, because there are a lot of things to do in real life. The article is not finished, I’ll finish it later.
In this article there will be no information about how much, how and where to pour. It will only be a dry theory.
International system of bank telecommunications SWIFT
General Information about the System
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a telecommunication system, which provides financial messaging services. Its users are seven and a half thousand financial institutions from two hundred countries. Among them are banks, investment companies, brokerage firms, exchanges, clearing houses and other financial organizations. SWIFT is a global telecommunications infrastructure, allowing its users to exchange electronic messages with minimal risk and maximum efficiency. The system transmits data, providing its participants both low cost and high security of this process.
SWIFT is a leading international organization in the field of financial telecommunications. Currently, payment systems, built on the basis of the SWIFT network, provide 60: the total world volume of clearing remittances. Five countries – uk, de, it, canada, fr – have built national payment systems on the basis of SWIFT. At the same time SWIFT began to implement such countries as Bosnia and Herzegovina, Latvia, Chovatia.
2. organizational structure
From a legal point of view, SWIFT is a cooperative community, established under Belgian law. The members of the system are its co-owners and manage its activities. The Board of Directors of the company (Board) consists of 25 members. It consists of seven committees, specializing in different aspects of the company.
SWIFT users can be divided into three categories:
– Members //Associate Systems;
– Associate members //Subsidiary organizations of shareholders;
SWIFT members are usually banks. They receive a full range of services provided by the system.
*As of May 05 SWIFT was connected to:
2248 members, 3012 sub-members and 2408 participants.
3. Services, provided by the members and system members
This payment services market can be divided into 3 segments:
SWIFT was created to provide telecommunication services for financial institutions, their correspondents, branches, etc.
It is an electronic document flow between banks and their corporate clients, which uses both payment orders and statements along with various letters of advice*. Large companies which make settlements through several credit organizations use services of one network rather than each “bank-client” system of their own banks.
SWIFT provides services to various financial institutions, which are part of the infrastructure of a particular clearing system, including the member-banks of these systems. This sector of SWIFT activity is relatively new, but very important for the entire industry of bank payments.
2. identification of banks in the system
Each new user of SWIFT before connecting to the system must register its ID – BIC (Bank Identifier Code). In practice, the BIC is often referred to as the SWIFT code. It has a certain standard (ISO 9362) which is approved by the International Organization for Standardization.
Entities who are neither financial institutions nor SWIFT users can also register their ID – BEI (Business Entity Identifier). The BEI format is similar to that of the BIC. The use of both codes in SWIFT messages is possible only if they are registered in advance.
BIC and BEI consist of eight or eleven characters. The first eight characters identify the ir. person to whom the code belongs. Three additional characters represent the branch code of the BIC or BEI owner. These may be branches/departments/units/…/.
As an example, the BIC of Bank/Commerzbank AG in Bremen
COBA DE FF 200
COBA – Commerzbank AG
De – germany
FF – firefox, oy frankfurt
200 0 bank branch.
May someone need it
2. Financial messages
The rest of the article is in the same vein. Next, I will describe the interface through which the operators control the whole system. +The swift message design itself