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SWIFT

What is SWIFT?

SWIFT stands for Society for Worldwide Interbank Financial


Telecommunication

Provides the global financial community with a highly secure and reliable
network to exchange electronic financial messages.

The essential components of the SWIFT system are:

• An electronic messaging service spanning 209 countries


• Message standards for the financial industry –Business language
• SWIFT enables financial institutions to automate their data processing, thereby
lowering operational risks, cutting costs and improving efficiency in their
businesses
Laying the Foundation

In May 1977, the Today, SWIFT has more


In May 1973, 239 banks
messaging system clicked than 9,300 users and its
from 15 countries created
into life. Six months later, network spans 209
the SWIFT cooperative to
membership had more countries. Customers
build a common
than doubled to 518 exchange more than 15
messaging system.
banks. million messages daily.
SWIFT Functioning
•Setup by 239 banks from 15
countries in 1973
•SWIFT has more than 9,300
users and its network spans
209 countries - Owners
•More than 2,300 of its 9,000
users are shareholders and are
called ‘members’. Members
vote at the annual general
meeting, elect the 25 Board
members and shape company
strategy
•The central banks of the G-10
countries and NBB oversee
SWIFT.
Who can use SWIFT

•Restricted to financial
institutions, market
infrastructures and their
corporate customers.

•Corporations may also connect


to SWIFT to exchange financial
information with their financial
institutions

•The Treasury departments of


most of the world’s Top 600
companies use SWIFT
messaging services.
Messaging services

Transaction Services Bulk Data Exchange Interactive Services

FileAct : provides a cost- InterAct : real-time


messaging service supporting
FIN : SWIFT's core store-and- effective way to exchange bulk
the exchange of messages
forward messaging service. It files in different formats with
between two parties that are
enables the exchange of your correspondents,
both on-line. With InterAct,
individual structured financial while leveraging the institutions and communities
messages in a secure and unparalleled security and can exchange messages in an
reliable way. reliability provided by the automated and interactive
SWIFTNet platform. way.

InterAct Store-and- Browse: combines the user


friendliness of web
Forward : SWIFT's core Mail : Mail provides the technology with the security
store-and-forward messaging simplicity and ease of use of features offered by
service for messages in XML desktop e-mail with the SWIFTNet. Browse enable to
format. It enables to exchange security, reliability and reach . browse remote web servers
financial data securely, cost using Alliance WebStation.
effectively and reliably.
Tools
Reference Data Business Intelligence Distributed Architecture
• SWIFT publishes a number • The Watch tools provide • Moving to a multi-zonal
of reference data directories with critical business messaging architecture to
including BIC, IBAN and intelligence about financial strengthen the resiliency
other routing information institution and usage of and data protection in
that is indispensable for SWIFT services. global financial messaging.
improving straight-through • The business analytics tool • 2 processing zones, the
processing. helps make smarter European zone and the
business decisions and Trans-Atlantic zone, with
pinpoint operational pairs of operating centres
efficiencies that store the traffic for
each zone.
• Distributed architecture will
improve resilience, add
capacity, control long-term
average message costs, and
alleviate European data
protection concerns.
SWIFT Code
Uses the Bank Identifier Code (BIC) to identify each network user and route messages
to their destination. Commonly known as SWIFT Code
1 2 3 4 5 6 7 8 9 10 11

Institution or Bank Code Country Code Location Code Branch code


[optional]

•If the second character is "0", then it is


typically a test BIC as opposed to a BIC used
on the live network.

•If the second character is "1", then it


•'XXX' for primary office.
denotes a passive participant in the SWIFT •Used if the receiving
network bank has assigned
branches or
•If the second character is "2", then it
typically indicates a reverse billing BIC, processing areas
where the recipient pays for the message individual extended
as opposed to the more usual mode codes
whereby the sender pays for the message.
Examples of SWIFT Codes
Deutsche Bank is an international bank, with its head office
in Frankfurt, Germany. The SWIFT code for its primary office is DEUTDEFF:

• DEUT identifies Deutsche Bank


• DE is the country code for Germany
• FF is the code for Frankfurt

Deutsche Bank uses an extended code of 11 digits and has assigned branches
or processing areas individual extended codes

DEUTDEFF500 is the code for an office of Deutsche Bank in Bad Homburg.


Number 500 is used for specific branch.
Nedbank is a primarily South African bank, with its head
office in Johannesburg. The SWIFT code for its primary office
is NEDSZAJJ:

• NEDS identifies Nedbank


• ZA is the country code for South Africa
• JJ is the code for Johannesburg

Nedbank has not implemented the extended code of 11


digits and all SWIFT transfers to its accounts are directed to
the primary office for processing. Those transfer interfaces
that require an 11 digit code would enter NEDSZAJJXXX.
The Swift code for State Bank of India , Bangalore office are
given below:
 Bangalore
 Branch Code: 813
SWIFT Code: SBININBB169
SBIN: Bank Code
IN: Country Code
BB: Location
169: Branch Code
SWIFT BIC Codes can be found on official website of SWIFT:
https://www2.swift.com/directories/
Member login is required to download the directories of BIC
Codes of all financial and non-financial institutions.
BIC Codes of individual institutions can be found on their
websites.
Security & Integrity Issues

Security Features: Password,


Authentication of Sender and Message
Content, Encryption, Audit Tracing, Data
Confidentiality

All messages are encrypted

The sender defines and controls the


information in a SWIFT message

Messages are not archived long term,


Messages are stored for 124 days and
then over written
Data Protection and Audit

An independent, external SWIFT has joined the Safe


Safe Harbor is a
audit of the SWIFTNet Harbor framework to
framework that consists
and SWIFTNet FIN ensure an adequate level
of seven data protection
messaging services is of data protection for
principles based on the
conducted annually in data transfers to its US
EU's data protection
accordance to SAS 70 OPC for European
principles
standards Countries
SWIFT Security Control Policy
Governance
• A governance structure is in place to enable SWIFT to meet its security
commitments to its customers, supported by policies and procedures and the
organisational management structure

Confidentiality
• Cryptographic methods are designed and used to protect the confidentiality
of customers’ messages
Integrity
• Mechanisms are in place to protect against unauthorised changes to the
messaging service infrastructure, and to detect corruption of messages
• SWIFT validates messages, and only validated messages are processed and
delivered
SWIFT Security Control Policy
Availability
• The messaging service infrastructure is designed and tested to
meet quality, recovery time objectives
• Processes and procedures are in place to detect and react to
problems
• Customers can report problems and obtain the status of problems
and the messaging service infrastructure

Change Management
• Changes to the messaging service and customer configurations
infrastructure are planned, validated, monitored and
implemented in a controlled manner
Thank You !!!