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SWIFT’s Management of Business Transactions

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SWIFT’s Management of Business Transactions

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Society for Worldwide Interbank Financial Telecommunications aka SWIFT is a network between banks that basically gives financial intermediaries instructions as to what to do with each transaction that is being dealt at the moment. It is basically a messenger between banks all around the world, but despite all that it is not the one that transfers anything financial at all, it’s a system in which financial intermediaries give instructions to one another. It is capable of handling real-time transactions of varying degree, from simple money transfer to treasuries and forex. It is a powerful system that helps drive the central banks of the world to communicate with each other and handle transactions at a ‘swift’ rate. Of course not every single bank uses it, but the ones that do have a much faster transaction recognition than other banks or financial intermediaries (Seth, 2022).

References

Seth, S. (2022, July 7). How the SWIFT Banking System Works. Retrieved from Investopedia: https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp

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The Society for Worldwide Interbank Financial Telecommunication (SWIFT)

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The Society for Worldwide Interbank Financial Telecommunication (SWIFT)

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SWIFT has provided goods and services, developed standards, organized conferences, and functioned as a proprietary communications platform for the financial services industry during the past 40 years (Sibos). SWIFT, which was established to improve efficiency by displacing telegram and telex (or "wires") for international payments, is today an essential component of the financial services industry's infrastructure. With over 10,000 banking institutions, securities firms, and corporate clients in 212 countries, it is widely recognized as the world's most secure, trusted third-party network. SWIFT has retained its status as an industry cooperative at every stage of its development, providing an opportunity to research more general issues of globalization and governance in the financial services industry. The authors of this book concentrate on how SWIFT's current design and status.

References:
https://library.oapen.org/handle/20.500.12657/31890

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OAPEN is based in the Netherlands, with its registered office in the National Library in The Hague.

Director: Niels Stern

Address:
OAPEN Foundation
Prins Willem-Alexanderhof 5
2595 BE The Hague

Postal address:
OAPEN Foundation
P.O. Box 90407
2509 LK The Hague

Websites:
OAPEN Home: www.oapen.org
OAPEN Library: library.oapen.org
DOAB: www.doabooks.org

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The Society for Worldwide Interbank Financial Telecommunication (SWIFT)

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OAPEN is based in the Netherlands, with its registered office in the National Library in The Hague. Director: Niels Stern Address:OAPEN FoundationPrins Willem-Alexanderhof 52595 BE The Hague Postal address:OAPEN FoundationP.O. Box 904072509 LK The Hague Websites:OAPEN Home: www.oapen.org OAPEN Library: library.oapen.org DOAB: www.doabooks.org

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Society for Worldwide International Financial Telecommunications (SWIFT)

A technique used by banks to securely communicate with one another. It connects more than 11,000 member institutions in more than 200 countries and territories, making it one of the fundamental pillars of the financial industry. It is also the biggest and most efficient system for international payments and settlements

A member-owned cooperative Society for Worldwide Interbank Financial Telecommunications (SWIFT) offers its members safe and reliable financial transactions. With the help of this payment network, people and businesses can accept card or electronic payments even when the payer's bank is different from the customer's or the vendor's.

References:
https://www.cnbc.com/video/2022/04/04/what-is-swift-how-russian-banks-got-cut-out-of-the-financial-system.html#:~:text=SWIFT%20%E2%80%93%20or%20the%20Society%20for,200%20countries%20and%20territories%20globally.

https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp

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How does SWIFT make money?

- SWIFT's Fixed income is generated from all its members who are required to pay a one-time joining fee and annual support charges per their respective classes.

- Message sender will pay a small fee depending on message length, and type. These fees vary depending on the bank's usage volume; several charge tiers exist for banks that generate varying amounts of messages. The intermediate bank charges are paid for by the payer and are not deducted from the payment amount, ensuring that the recipient receives the full amount.

-A portion of their income also stems from their offered extra services such as business intelligence, reference data, and compliance services

references:
https://www.investopedia.com/articles/personal-finance/050515/how-swift-system-works.asp

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‘’How SWIFT drives business transactions in the world?’’

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‘’How SWIFT drives business transactions in the world?’’

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Let's start on what is SWIFT. SWIFT is formed by a group of European bankers with the goal of providing stable and systemic communication that is centered on the transactions of member banks. Its headquarters is in Belgium and multiple offices around the world. Submarine Communication is used to transmit data and it has three data centers where that share together to handle the traffic of data that is passing through. SWIFT has an ID of some sort called a Bank Identifier Code (BIC) for each bank involved in an international transaction. The name of the banks, the city, and the country in which the branch is located can be identified by this SWIFT code. The institute doesn't hold any funds, it just connects the platforms where the transaction needs to go especially for an international transaction.

Reference:

https://thebusinessprofessor.com/en_US/banking-lending-credit-industry/society-for-worldwide-interbank-financial-telecommunications-swift-definition

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AFRICA, BRENT MARTIN
BACHINI, LORELYN
MAYANI, ANGELO DOMINIC
NEBRES, ANNA MAE
SEGUI, PATRICK JHUN