This article will not tell you how much, how and where to pour. There will only be dry theory.
1. General information about the system
SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a telecommunication system that provides financial messaging services. Its users are more than 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 institutions. SWIFT is a global telecommunication infrastructure, allowing its users to exchange electronic messages with minimal risk and maximum efficiency. The system transmits data, providing its participants with both low cost and high security of this process.
SWIFT is the leading international organization in the field of financial telecommunications. Now the payment systems, built on the basis of SWIFT, provide 60: the total world volume of clearing remittances. Five countries have built their national payment systems on the basis of SWIFT. At the same time SWIFT began to implement such deregional countries as Bosnia and Herzegovina, Latvia, Hovatia…
2. Organizational structure
In legal terms, SWIFT is a cooperative community established under Belgian law. The members of the system are co-owners and manage its activities. The company’s board of directors (Board) consists of 25 members. It consists of seven committees, specializing in different aspects of the company. SWIFT users can be divided into 3 categories: Members // Shareholder systems; Associate members // Shareholder affiliates; participants
SWIFT members are usually banks. They receive a full range of services provided by the system. *As of May 05, 2248 members, 3012 sub-members and 2408 participants were connected to SWIFT: .
3. services provided to system members and participants
This payment services market can be conditionally divided into 3 segments:
Bank-bank. SWIFT was actually created to provide telecommunication services to financial institutions, their correspondents, branches, etc.
Bank-client. This refers to electronic document flow between banks and their corporate clients, which uses both payment orders and statements along with various memos*. It is indeed more reasonable for large companies which make payments through several credit institutions to use the services of a single network rather than using bank-client type systems of each of their banks. Bank-clearing institution. SWIFT provides services to various financial institutions that are part of the infrastructure of a particular clearing system, including member banks of these systems. This sector of SWIFT’s business is relatively new, but very important to the entire banking payments industry.
2. Identification of banks in the system
Every new SWIFT user must register a BIC (Bank Identifier Code) ID before joining the system. In practice, the BIC is often referred to as the SWIFT code. It has a certain standard (ISO 9362) approved by the International Standardization Organization. Entities which are neither financial institutions nor SWIFT users can also register their BEI (Business Entity Identifier) ID. The BEI format is the same as the BIC. The use of both codes in SWIFT messages is only possible 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/divisions/units/…/ As an example I will give the BIC of the bank //Commerzbank AG located in Bremen COBA DE FF 200
COBA Commerzbank AG De germaschka FF firefox, oy frankfurt 200 0 bank branch.
2. Financial Messages . The rest of the article is in the same vein. Next I will describe the interface which basically manages the whole system. The swift message design itself.
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