Dating internationale aliance
Messages formatted to SWIFT standards can be read by, and processed by, many well-known financial processing systems, whether or not the message traveled over the SWIFT network.
SWIFT cooperates with international organizations for defining standards for message format and content.
SWIFT guarantees are based primarily on high redundancy of hardware, software, and people.
During 20, the entire SWIFT Network migrated its infrastructure to a new protocol called SWIFTNet Phase 2.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.
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.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) 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 meant that thousands of banks around the world had to update their international payments systems to comply with the new standards. SWIFT means several things in the financial world: 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.SWIFT is a cooperative society under Belgian law owned by its member financial institutions with offices around the world.SWIFT headquarters, designed by Ricardo Bofill Taller de Arquitectura are in La Hulpe, Belgium, near Brussels.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.Seven financial institutions, including HSBC, First Rand Bank, Clearstream, Dn B NOR, Nedbank, and Standard Bank of South Africa, as well as SWIFT piloted the service.As of 2015, SWIFT linked more than 11,000 financial institutions in more than 200 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 is also Registration authority (RA) for the following ISO standards: The SWIFT secure messaging network is run from two data centers, one in the United States and one in the Netherlands. In case of a failure in one of the data centers, the other is able to handle the traffic of the complete network.SWIFT uses submarine communications cables to transmit its data.