SWIFT

Membership in the Society for Worldwide Interbank Financial Telecommunication (SWIFT) - is an important indication of high level professionalism and reliability of the bank in the eyes of its customers and its correspondent banks. Membership in SWIFT - not only a status in the world banking community, but also the ability to effectively apply leading financial infrastructure, which allows to carry out international and domestic settlements, as well as exchange financial messages related to money markets, securities markets and trade finance.

 

SWIFT s.c.r.l. – is a member-owned cooperative, uniting more than 11 000 banking organizations, securities institutions and corporate customers in 215 countries around the world, and ensures exchange of 1.8 billion messages per year. Estimated cost of daily payment orders via SWIFT is more than 6 trillion U.S. dollars. SWIFT Head office is located in La Hulpe, Belgium. SWIFT Chairman of the Board of Directors is Mr. Yawar Shah, Chief Executive Officer is Mr. Gottfried Leibbrandt.

 

Benefits of working with SWIFT:

 

Reliability. SWIFT undertakes accurate, complete and timely delivery of messages, assuming financial responsibility for failure to comply with its obligations.

 

Security. The combination of physical (special cryptographic hardware) and logical (multi-system access) security measures and usage of different types of encryption eliminates the possibility of changing the message in its network transmission via SWIFT. No one except the sender and the beneficiary is able to read its contents.

 

Speed. The message is delivered within a few seconds, while verification and authentication are carried out automatically.

 

Standards. The proposed and implemented concept, formats and rules of financial information exchange have become common international standard. Moreover this is not only de facto, but in many cases, de jure, for example, ISO 9362 (bank identification code BIC) and ISO 15022 (Standards for securities messages).

 

Efficiency. SWIFT Standards and Technology provides an opportunity to create applications to process messages automatically. This increases productivity, reduces costs for manual messages processing, and almost completely eliminates the possibility of errors. In addition, financial institutions can use the same SWIFT platform to exchange domestic and international services, thus creating a "single window" for all message streams.

 

Support. The service centers provide specialized support to users around the clock ,seven days a week (365 days), including a 9-hour Russian-language Help desk in Moscow on business days.

 

A third neutral party. A copy of all sent messages are stored in a "live" archive during 124 days.

Profitability. In addition to international settlements, SWIFT technologies allow Russian credit institutions to organize automated and secure connection for its branches and subsidiary banks and that take advantage of all SWIFT capabilities. The cost of international message is - 17.66 euro cents. SWIFT can be used for transferring messages between the Russian correspondent banks and within the country (the cost of a message is - 5,27 euro cents). Also special recommendations for settlements in rubles are in effort (SWIFT-RUR).

 

For its members SWIFT offers a reliable, secure and highly efficient financial network that enables:

 

  • To reduce the time of payments,
  • To significantly reduce the computational and financial risks
  • To significantly reduce the cost of operations
  • To provide access to global network and allows to work with the largest settlement organizations, without intermediaries,
  • To expand services to the customers.



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