Society for Worldwide Interbank Financial Telecommunication
Encyclopedia
The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging
network
which exchanges messages between bank
s and other financial institution
s. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362
bank identifier codes (BICs) are popularly known as "SWIFT codes".
The majority of international interbank messages use the SWIFT network. , SWIFT linked more than 9,000 financial institutions in 209 countries and territories, who were exchanging an average of over 15 million messages per day (compared to an average of 2.4 million daily messages in 1995).
SWIFT transports financial messages in a highly secure way, but does not hold accounts for its members and does not perform any form of clearing
or settlement
.
SWIFT does not facilitate funds transfer, rather, it sends payment orders, which must be settled via correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.
SWIFT is a cooperative society under Belgian
law and it is owned by its member financial institutions. SWIFT has offices around the world. SWIFT headquarters, designed by Ricardo Bofill
Taller de Arquitectura are located in La Hulpe
, Belgium, near Brussels
.
in 1973, supported by 239 banks in 15 countries. It started to establish common standards for financial transactions and a shared data processing system and worldwide communications network.
Fundamental operating procedures
, rules for liability
, etc., were established in 1975 and the first message was sent in 1977.
registration authority (RA) for the following ISO standards:
In RFC
3615
urn:swift: was defined as Uniform Resource Name
s (URNs) for SWIFT FIN.
and one in the Netherlands
. These centers share information in near real-time. In case of a failure in one of the data centers, the other is able to handle the traffic of the complete network.
Currently, SWIFT has opened a third data center in Switzerland, which started operating in 2009.
Since then data from European SWIFT members will no longer be mirrored to the US data center. Also called Distributed Architecture will partition messaging into two zones, the European messaging zone and the Trans-Atlantic messaging zone.
European Zone messages are stored in the Netherlands and in a part of the Switzerland operating center, Trans-Atlantic Zone messages are stored in the US and in a part of the Switzerland operating center that is segregated from the European Zone messages.
Countries outside of Europe were by default allocated to the Trans-Atlantic Zone but could choose to have their messages stored in the European Zone.
infrastructure. The process involved the development of new protocols that facilitate efficient messaging, using existing and new message standards. The adopted technology chosen to develop the protocols was XML
, where it now provides a wrapper around all messages legacy or contemporary. The communication protocols can be broken down into:
instead of the former Bilateral key exchange
(BKE) system. According to SWIFT's public information database on the subject, RMA software should eventually prove more secure and easier to keep up-to-date; however, converting to the RMA system also meant that thousands of banks around the world had to update their international payments systems in order to comply with the new standards. RMA completely replaced BKE since January 1, 2009.
Under 3) above, SWIFT provides turn-key
solutions for members, consisting of linkage clients
to facilitate connectivity to the SWIFT network and CBTs or 'computer based terminals'
which members use to manage the delivery and receipt of their messages. Some of the more well-known interfaces and CBTs provided to their members are:
& Derivatives
, Trade Services and Payments & Cash Management.
, FirstRand Bank, Clearstream
, DnB NOR
, Nedbank
, Standard Bank of South Africa
and Bear Stearns
, as well as SWIFT piloted the service.
, The Wall Street Journal
and The Los Angeles Times revealed that the US Treasury Department and the CIA, United States government agencies, had a program to access the SWIFT transaction database after the September 11th attacks called the Terrorist Finance Tracking Program
.
After these articles, SWIFT quickly came under pressure for compromising the data privacy of its customers by letting a foreign government agency access sensitive personal data. In September 2006, the Belgian government declared that the SWIFT dealings with U.S. government authorities were, in fact, a breach of Belgian and European privacy laws.
In response, SWIFT is in the process of improving its architecture to satisfy member privacy concerns by implementing the new Distributed Architecture with a two-zone model for storing messages (see Operations centers).
Concurrent to this process, the European Union negotiated an agreement with the United States Government to permit the transfer of intra-EU SWIFT transaction information to the United States under certain circumstances. Due to concerns about its potential contents, the European Parliament adopted a position statement in September 2009, demanding to see the full text of the agreement, and requesting that it be fully compliant with EU privacy legislation, with appropriate oversight mechanisms in place to ensure that all data requests were handled appropriately. An interim agreement was signed without European Parliamentary approval by the European Council
on November 30, 2009, the day before the Lisbon Treaty
—which would have prohibited such an agreement from being signed under the terms of the Codecision procedure—formally came into effect. While the interim agreement was scheduled to come into effect on January 1, 2010, the text of the agreement was classified as "EU Restricted" until translations could be provided in all EU languages, and is due to be published on January 25, 2010.
On February 11, 2010, the European Parliament decided to reject the interim agreement between the EU and the USA with 378 to 196 votes. One week earlier, the parliament's civil liberties committee already rejected the deal, citing legal reservations.
In March 2011, it was reported that two mechanisms of data protection had failed: EUROPOL
released a report complaining that American requests for information had been too vague (making it impossible to make judgements on validity), and that the guaranteed right for European citizens to know whether their information had been accessed by American authorities had not been put in to practice.
Financial cryptography
Financial cryptography is the use of cryptography in applications in which financial loss could result from subversion of the message system.Cryptographers think of the field as originating in the work of Dr David Chaum who invented the blinded signature...
network
Computer network
A computer network, often simply referred to as a network, is a collection of hardware components and computers interconnected by communication channels that allow sharing of resources and information....
which exchanges messages between bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s and other financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362
ISO 9362
ISO 9362 is a standard format of Business Identifier Codes approved by the International Organization for Standardization . It is a unique identification code for both financial and non-financial institutions...
bank identifier codes (BICs) are popularly known as "SWIFT codes".
The majority of international interbank messages use the SWIFT network. , SWIFT linked more than 9,000 financial institutions in 209 countries and territories, who were exchanging an average of over 15 million messages per day (compared to an average of 2.4 million daily messages in 1995).
SWIFT transports financial messages in a highly secure way, but does not hold accounts for its members and does not perform any form of clearing
Clearing (finance)
In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. Clearing is necessary because the speed of trades is much faster than the cycle time for completing the underlying transaction....
or settlement
Settlement (finance)
Settlement of securities is a business process whereby securities or interests in securities are delivered, usually against payment of money, to fulfill contractual obligations, such as those arising under securities trades....
.
SWIFT does not facilitate funds transfer, rather, it sends payment orders, which must be settled via correspondent accounts that the institutions have with each other. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features.
SWIFT is a cooperative society under Belgian
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
law and it is owned by its member financial institutions. SWIFT has offices around the world. SWIFT headquarters, designed by Ricardo Bofill
Ricardo Bofill
Ricardo Bofill, also Ricard Bofill Leví is a Catalan Spanish postmodernist architect.He studied at the School of Architecture in Geneva, Switzerland...
Taller de Arquitectura are located in La Hulpe
La Hulpe
La Hulpe is a Walloon municipality located in the Belgian province of Walloon Brabant. On January 1, 2006 La Hulpe had a total population of 7,224...
, Belgium, near Brussels
Brussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
.
History
It was founded in BrusselsBrussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...
in 1973, supported by 239 banks in 15 countries. It started to establish common standards for financial transactions and a shared data processing system and worldwide communications network.
Fundamental operating procedures
Policies and Procedures
Policies and procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies...
, rules for liability
Legal liability
Legal liability is the legal bound obligation to pay debts.* In law a person is said to be legally liable when they are financially and legally responsible for something. Legal liability concerns both civil law and criminal law. See Strict liability. Under English law, with the passing of the Theft...
, etc., were established in 1975 and the first message was sent in 1977.
Standards
SWIFT has become the industry standard for syntax in financial messages. Messages formatted to SWIFT standards can be read by, and processed by, many well known financial processing systems, whether or not the message actually traveled over the SWIFT network. SWIFT cooperates with international organizations for defining standards for message format and content. SWIFT is alsoregistration authority (RA) for the following ISO standards:
- ISO 9362ISO 9362ISO 9362 is a standard format of Business Identifier Codes approved by the International Organization for Standardization . It is a unique identification code for both financial and non-financial institutions...
:1994 Banking—Banking telecommunication messages—Bank identifier codes - ISO 10383ISO 10383ISO 10383 is an ISO standard which "specifies a universal method of identifying exchanges, trading platforms and regulated or non-regulated markets as sources of prices and related information in order to facilitate automated processing." The codes defined by the standard are known as Market...
:2003 Securities and related financial instruments—Codes for exchanges and market identification (MIC) - ISO 13616:2003 IBANIbanIBAN or Iban may refer to:People* Ibán Espadas , footballer* Iban Iriondo , bicycle racer* Iban Mayo , bicycle racer* Iban Mayoz , bicycle racer* Iban Nokan, anthropologist and ethnographer...
Registry - ISO 15022ISO 15022ISO 15022 is an ISO standard for messaging used in securities trading. Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a...
:1999 Securities—Scheme for messages (Data Field Dictionary) (replaces ISO 7775) - ISO 20022ISO 20022ISO 20022 or UNIFI is the ISO Standard for Financial Services Messaging. It describes a Metadata Repository containing descriptions of messages and business processes, and a maintenance process for the Repository Content....
-1:2004 and ISO 20022-2:2007 Financial services—UNIversal Financial Industry message scheme
In RFC
Request for Comments
In computer network engineering, a Request for Comments is a memorandum published by the Internet Engineering Task Force describing methods, behaviors, research, or innovations applicable to the working of the Internet and Internet-connected systems.Through the Internet Society, engineers and...
3615
urn:swift: was defined as Uniform Resource Name
Uniform Resource Name
A uniform resource name is a uniform resource identifier that uses the urn scheme and does not imply availability of the identified resource. Both URNs and URLs are URIs, and a particular URI may be a name and a locator at the same time.The functional requirements for uniform resource names are...
s (URNs) for SWIFT FIN.
Operations centers
The SWIFT secure messaging network is run out of two redundant data centers, one in the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and one in the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
. These centers share information in near real-time. In case of a failure in one of the data centers, the other is able to handle the traffic of the complete network.
Currently, SWIFT has opened a third data center in Switzerland, which started operating in 2009.
Since then data from European SWIFT members will no longer be mirrored to the US data center. Also called Distributed Architecture will partition messaging into two zones, the European messaging zone and the Trans-Atlantic messaging zone.
European Zone messages are stored in the Netherlands and in a part of the Switzerland operating center, Trans-Atlantic Zone messages are stored in the US and in a part of the Switzerland operating center that is segregated from the European Zone messages.
Countries outside of Europe were by default allocated to the Trans-Atlantic Zone but could choose to have their messages stored in the European Zone.
SWIFTNet Network
SWIFT moved to its current IP Network infrastructure, known as SWIFTNet, from 2001 to 2005, providing a total replacement of the previous X.25X.25
X.25 is an ITU-T standard protocol suite for packet switched wide area network communication. An X.25 WAN consists of packet-switching exchange nodes as the networking hardware, and leased lines, Plain old telephone service connections or ISDN connections as physical links...
infrastructure. The process involved the development of new protocols that facilitate efficient messaging, using existing and new message standards. The adopted technology chosen to develop the protocols was XML
XML
Extensible Markup Language is a set of rules for encoding documents in machine-readable form. It is defined in the XML 1.0 Specification produced by the W3C, and several other related specifications, all gratis open standards....
, where it now provides a wrapper around all messages legacy or contemporary. The communication protocols can be broken down into:
InterAct | FileAct | Browse |
|
|
|
Architecture
SWIFT provides a centralized store-and-forward mechanism, with some transaction management. For bank A to send a message to bank B with a copy or authorization with institution C, it formats the message according to standard, and securely sends it to SWIFT. SWIFT guarantees its secure and reliable delivery to B after the appropriate action by C. SWIFT guarantees are based primarily on high redundancy of hardware, software, and people.SWIFT Phase 2
During 2007 and 2008, the entire SWIFT Network migrated its infrastructure to a new protocol called SWIFT Phase 2. The main difference between Phase 2 and the former arrangement is that Phase 2 requires banks connecting to the network to use a Relationship Management Application (RMA)Relationship Management Application (RMA)
Relationship Management Application is a service provided by SWIFT to manage the business relationships between financial institutions .RMA operates by managing which message types are permitted to be exchanged between users of a SWIFT service :...
instead of the former Bilateral key exchange
Bilateral key exchange
Bilateral Key Exchange was an encryption scheme utilized by The Society for Worldwide Interbank Financial Telecommunications .The scheme was retired and has now been replaced by the Relationship Management Application...
(BKE) system. According to SWIFT's public information database on the subject, RMA software should eventually prove more secure and easier to keep up-to-date; however, converting to the RMA system also meant that thousands of banks around the world had to update their international payments systems in order to comply with the new standards. RMA completely replaced BKE since January 1, 2009.
SWIFT interfaces
SWIFT actually means several things in the financial world:- a secure networkSecure transmissionIn computer science, Secure Transmission refers to the transfer of data such as confidential or proprietary information over a secure channel. Many secure transmission methods require a type of encryption. The most common email encryption is called PKI...
for transmitting messagesInformation transferIn telecommunications, information transfer is the process of moving messages containing user information from a source to a sink.Note: The information transfer rate may or may not be equal to the transmission modulation rate.-See also:...
between financial institutions; - a set of syntax standardsSyntaxIn linguistics, syntax is the study of the principles and rules for constructing phrases and sentences in natural languages....
for financial messages (for transmission over SWIFTNet or any other network) - a set of connection software and servicesInterface (computer science)In the field of computer science, an interface is a tool and concept that refers to a point of interaction between components, and is applicable at the level of both hardware and software...
, allowing financial institutions to transmit messages over SWIFT networkComputer networkA computer network, often simply referred to as a network, is a collection of hardware components and computers interconnected by communication channels that allow sharing of resources and information....
.
Under 3) above, SWIFT provides turn-key
Turnkey
A turn-key or a turn-key project is a type of project that is constructed by a developer and sold or turned over to a buyer in a ready-to-use condition.-Common usage:...
solutions for members, consisting of linkage clients
Client (computing)
A client is an application or system that accesses a service made available by a server. The server is often on another computer system, in which case the client accesses the service by way of a network....
to facilitate connectivity to the SWIFT network and CBTs or 'computer based terminals'
Graphical user interface
In computing, a graphical user interface is a type of user interface that allows users to interact with electronic devices with images rather than text commands. GUIs can be used in computers, hand-held devices such as MP3 players, portable media players or gaming devices, household appliances and...
which members use to manage the delivery and receipt of their messages. Some of the more well-known interfaces and CBTs provided to their members are:
- SWIFTNet Link (SNL) – Software which is installed on the SWIFT customer's site and opens a connection to SWIFTNet. Other applications can only communicate with SWIFTNet through the SNL.
- Alliance Gateway (SAG) – SWIFT Software with various interfaces (e.g. RAHA = Remote Access Host Adapter), allowing other software products to use the SNL to connect to SWIFTNet
- Alliance WebStation (SAB), desktop interface for SWIFT Alliance Gateway with several usage options:
- administrative access to the SAG
- direct connection SWIFTNet via the SAG, in order to administrate SWIFT Certificates
- so called Browse connection to SWIFTNet (also via SAG) in order to use additional services, for example Target2
- Alliance Access (SAA) is the main messaging software by SWIFT, which allows message creation only for FIN messagesISO 15022ISO 15022 is an ISO standard for messaging used in securities trading. Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a...
, but routing and monitoring for FIN and MX messagesISO 20022ISO 20022 or UNIFI is the ISO Standard for Financial Services Messaging. It describes a Metadata Repository containing descriptions of messages and business processes, and a maintenance process for the Repository Content....
. The main interfaces are FTA (files transfer automated, not FTP) and MQSA, a Websphere MQ interface. - The Alliance Workstation (SAW) is the desktop software for administration, monitoring and FIN message creation. Since Alliance Access is not yet capable of creating MX messages, Alliance Messenger (SAM) has to be used for this purpose.
- Alliance Web Platform (SWP) as new thin-client desktop interface provided as an alternative to existing Alliance WebStation, Alliance Workstation (soon) and Alliance Messenger.
- Alliance Access (SAA) is the main messaging software by SWIFT, which allows message creation only for FIN messages
SWIFT services
There are four key areas that SWIFT services fall under within the Financial marketplace, Securities, TreasuryTreasury
A treasury is either*A government department related to finance and taxation.*A place where currency or precious items is/are kept....
& Derivatives
Derivative (finance)
A derivative instrument is a contract between two parties that specifies conditions—in particular, dates and the resulting values of the underlying variables—under which payments, or payoffs, are to be made between the parties.Under U.S...
, Trade Services and Payments & Cash Management.
Securities
|
Treasury & Derivatives
|
Cash Management
|
Trade Services
|
SWIFTNet Mail
SWIFT also offer a secure person-to-person messaging service, SWIFTNet Mail, which went live on 16 May 2007. SWIFT clients can configure their existing email infrastructure to pass email messages through the highly secure and reliable SWIFTNet network instead of the open Internet. SWIFTNet Mail is intended for the secure transfer of sensitive business documents, such as invoices, contracts and signatories, and is designed to replace existing telex and courier services, as well as the transmission of security-sensitive data over the open Internet. Eight financial institutions, including HSBCHSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
, FirstRand Bank, Clearstream
Clearstream
Clearstream Banking S.A. is the clearing and settlement division of Deutsche Börse, based in Luxembourg and Frankfurt. Clearstream was created in January 2000 through the merger of Cedel International and Deutsche Börse Clearing...
, DnB NOR
DnB NOR
DNB ASA is Norway's largest financial services group with total combined assets of more than NOK 2.0 trillion and a market capitalisation NOK 102 billion as per December the 31st. The Group includes brands such as DNB, Vital, Nordlandsbanken, Cresco, Postbanken, DnB NORD and Carlson...
, Nedbank
Nedbank
Nedbank is one of the largest banks in South Africa; however it is one of the newest banks to be incorporated in South Africa. It is headquartered in Johannesburg...
, Standard Bank of South Africa
Standard Bank of South Africa
The Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
and Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
, as well as SWIFT piloted the service.
Terrorist Finance Tracking Program
A series of articles published on June 23, 2006, by The New York TimesThe New York Times
The New York Times is an American daily newspaper founded and continuously published in New York City since 1851. The New York Times has won 106 Pulitzer Prizes, the most of any news organization...
, The Wall Street Journal
The Wall Street Journal
The Wall Street Journal is an American English-language international daily newspaper. It is published in New York City by Dow Jones & Company, a division of News Corporation, along with the Asian and European editions of the Journal....
and The Los Angeles Times revealed that the US Treasury Department and the CIA, United States government agencies, had a program to access the SWIFT transaction database after the September 11th attacks called the Terrorist Finance Tracking Program
Terrorist Finance Tracking Program
The Terrorist Finance Tracking Program is a United States government program to access the SWIFT transaction database revealed by The New York Times, The Wall Street Journal and The Los Angeles Times in June 2006. It is part of the Bush administration's "Global War on Terrorism"...
.
After these articles, SWIFT quickly came under pressure for compromising the data privacy of its customers by letting a foreign government agency access sensitive personal data. In September 2006, the Belgian government declared that the SWIFT dealings with U.S. government authorities were, in fact, a breach of Belgian and European privacy laws.
In response, SWIFT is in the process of improving its architecture to satisfy member privacy concerns by implementing the new Distributed Architecture with a two-zone model for storing messages (see Operations centers).
Concurrent to this process, the European Union negotiated an agreement with the United States Government to permit the transfer of intra-EU SWIFT transaction information to the United States under certain circumstances. Due to concerns about its potential contents, the European Parliament adopted a position statement in September 2009, demanding to see the full text of the agreement, and requesting that it be fully compliant with EU privacy legislation, with appropriate oversight mechanisms in place to ensure that all data requests were handled appropriately. An interim agreement was signed without European Parliamentary approval by the European Council
European Council
The European Council is an institution of the European Union. It comprises the heads of state or government of the EU member states, along with the President of the European Commission and the President of the European Council, currently Herman Van Rompuy...
on November 30, 2009, the day before the Lisbon Treaty
Treaty of Lisbon
The Treaty of Lisbon of 1668 was a peace treaty between Portugal and Spain, concluded at Lisbon on 13 February 1668, through the mediation of England, in which Spain recognized the sovereignty of Portugal's new ruling dynasty, the House of Braganza....
—which would have prohibited such an agreement from being signed under the terms of the Codecision procedure—formally came into effect. While the interim agreement was scheduled to come into effect on January 1, 2010, the text of the agreement was classified as "EU Restricted" until translations could be provided in all EU languages, and is due to be published on January 25, 2010.
On February 11, 2010, the European Parliament decided to reject the interim agreement between the EU and the USA with 378 to 196 votes. One week earlier, the parliament's civil liberties committee already rejected the deal, citing legal reservations.
In March 2011, it was reported that two mechanisms of data protection had failed: EUROPOL
Europol
Europol is the European Union's criminal intelligence agency. It became fully operational on 1 July 1999....
released a report complaining that American requests for information had been too vague (making it impossible to make judgements on validity), and that the guaranteed right for European citizens to know whether their information had been accessed by American authorities had not been put in to practice.
See also
- Bilateral key exchangeBilateral key exchangeBilateral Key Exchange was an encryption scheme utilized by The Society for Worldwide Interbank Financial Telecommunications .The scheme was retired and has now been replaced by the Relationship Management Application...
and the new Relationship Management Application (RMA)Relationship Management Application (RMA)Relationship Management Application is a service provided by SWIFT to manage the business relationships between financial institutions .RMA operates by managing which message types are permitted to be exchanged between users of a SWIFT service :... - Electronic moneyElectronic moneyElectronic money is money or scrip that is only exchanged electronically. Typically, this involves the use of computer networks, the internet and digital stored value systems...
- ISO 9362ISO 9362ISO 9362 is a standard format of Business Identifier Codes approved by the International Organization for Standardization . It is a unique identification code for both financial and non-financial institutions...
, the SWIFT/BIC code standard - ISO 15022ISO 15022ISO 15022 is an ISO standard for messaging used in securities trading. Participants in the financial industry need a common representation of the financial transactions they perform and this standard defines general message schema, which in turn are used by organizations to define messages in a...
- ISO 20022ISO 20022ISO 20022 or UNIFI is the ISO Standard for Financial Services Messaging. It describes a Metadata Repository containing descriptions of messages and business processes, and a maintenance process for the Repository Content....
- MA/CUGMA/CUGA Member Administered/Closed User Group is a SWIFT concept, where corporates are permitted to leverage the SWIFT platform of their member bank and exchange SWIFT Messages through the SWIFT Network....
- Organization for Economic Cooperation and Development (OECD)
- Routing transit numberRouting transit numberA routing transit number is a nine digit bank code, used in the United States, which appears on the bottom of negotiable instruments such as checks identifying the financial institution on which it was drawn...
- SibosSibos (conference)Sibos, the SWIFT International Banking Operations Seminar is an annual banking and financial conference held by the Society for Worldwide Interbank Financial Telecommunication in various cities around the world. It has been held in Amsterdam, Sydney, Copenhagen, Boston, Berlin, Helsinki and other...
conference - TIPANETTIPANETTIPANET is an international payment system set up by the European cooperative banks. Its shareholders were Natexis Banques Populaires, France; Banca Popolare Commercio e Industria, Italy; Istituto Centrale delle Banche Popolari Italiane, Italy; Banco Popular de España, Spain; Crédit Professionnel,...
- Value transfer systemValue transfer systemA value transfer system refers to any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form....
External links
- Official SWIFT website
- WIFE: Open Source Java based library for SWIFT messages processing
- SWIFT Formatting Guide
- EU concern at US data transfers BBC NewsBBC NewsBBC News is the department of the British Broadcasting Corporation responsible for the gathering and broadcasting of news and current affairs. The department is the world's largest broadcast news organisation and generates about 120 hours of radio and television output each day, as well as online...
2007-01-31 - EU press release Swift Affair: European Data Protection Authorities joining efforts
- SIBOS 2009 – Last Annual SWIFT Conference
- SWIFT LATIN AMERICA – How SWIFT evaded labour laws in Brazil
- SIBOS 2010 – Upcoming Annual SWIFT Conference