Banking. Interbank communications system (swift, reuters) (most important)

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Banking. Interbank communications system (swift, reuters) (most important)

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Topic 32. System of interbank communications (swift, reuters)

The development of the world market entails an increase in the volume of foreign exchange, credit, financial, settlement transactions. The workflow and the number of business papers are increasing. Information flows transcend national borders. As a result, a data bank is formed for the information services market on a global scale. There is an exchange of information between market sources, the transfer of information about exchange rates and securities, interest rates, the situation in different markets, the reliability of partners, etc. To improve the efficiency of international monetary and settlement operations, their maximum computerization is necessary.

Brussels, 1973 - The Worldwide Interbank Financial Telecommunications Network (SWIFT) is created. Officially in operation since 1977. Mission:

1) high-speed transmission of banking and financial information;

2) sorting and archiving of information.

The Russian Federation joined SWIFT in 1989 (more than 230 banks).

Payment for the use of the network at the international level - according to tariffs. When joining the network, a fee is paid (changes annually).

SWIFT does not perform currency clearing functions.

Swift covers control, authentication of the sender and recipient, distribution of messages by urgency, encryption of information (regular messages - within 10 minutes, urgent - 1 minute). Messages are then transmitted through the direct communication channel of the recipient, if it is included in the network, or remains in the database until required.

The main achievement of SWIFT is the creation and use of banking documentation standards recognized by the international organization ISO. This avoids the complexities and errors of international banking. calculations.

The successful functioning of SWIFT lies in the standardization of message formats, i.e., the development of a single "language of banks".

Typical messages: movement of customer payments, interbank movement of payments, data on credit and foreign exchange transactions, bank current account statements (including entries in Debit and Credit accounts).

Operations are standardized: sale and registration of securities, balance sheets for clients, trading in precious metals, traveler's checks, guarantees, etc.

SWIFT publishes a quarterly directory of bank information codes, a user manual, etc.

Since the second half of the 80s. a new START system has been developed - an automated system for monitoring the correct implementation of account entries = "accuracy has been increased, data processing has been accelerated, errors have been identified =" the work of bank employees has been facilitated.

SWIFT serves more than 160 countries (80% of international payments).

Other automated interbank settlement systems:

"SEDEL" - for trade in securities.

"Reuters monitor service" - for currency transactions and information services.

Authors: Shevchuk D.A., Shevchuk V.A.

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