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What are SWIFT Payments?

Updated On : April 2016  |  by Amol S. Khanvilkar

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a member-owned cooperative society under Belgian law and is owned and controlled by its shareholders. More than 10800 Financial Institutions in over 200+ countries use SWIFT Network to transfer their financial messages with their correspondents (cross- border or domestic) in a secure, reliable and faster manner. Payments’ constitute a significant share of the overall traffic over SWIFT network. SWIFT, however is not into clearing and settlement but more acts as a secure carrier in both Store and Forward and Real-time modes.

While, traditionally, interbank payment messages have hugely been on proprietary SWIFT “MT” standards, many of the new market infrastructure financial messaging is going for ISO 20022. As a provider of secure messaging platform and also being the Registration Authority for these standards, SWIFT’s role in facilitating automated processing and real-time payments is pivotal. SWIFT, besides being a secure message carrier of financial institutions & Corporates, also extends services towards enabling Cash Reporting, Intra-day Liquidity reporting and handling Exceptions & Investigations on the business side & Sanctions’ Screening and other Compliance services from the regulatory and risk management stand points. SWIFT Remit solution is the first in the person-to-person money remittance solution from SWIFT. The developments and adoption of these solutions & services in the SAARC region give us the idea of potential scale and scope for further extension.

Nelito is an ace IT solutions partner for banking and financial institutions across emerging markets of the world. Nelito has the first hand implementing & support experience in promoting and rolling out these services.

As a banking software company, Nelito uses a proactive approach and domain expertise to help clients keep pace with the Banking & Financial Services Industry. Nelito also caters to regulatory and market driven compliance, with a strong reputation of delivering solutions that perform.

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