Tracking SWIFT Payments

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SWIFT Payments

SWIFT is a large financial payment network designed to allow international electronic transfers of money between financial organizations and institutions. It is designed to be accurate, secure and fast.

On a daily basis around ten thousand SWIFT members send around twenty-five million messages across the network.

Each SWIFT member is carefully vetted and must pay a fee to join and to participate in the network and there is a charge associated with each SWIFT message. Each SWIFT member has a unique identifier often referred to as the Bank Identifier Code or BIC but is also called the SWIFT ID or SWIFT code. The BIC code includes four characters to identify the banks name, 2 characters to identify the country, 2 characters to identify the city and up to 3 characters to uniquely identify the branch. This allows for those familiar with the code to understand from the SWIFT code immediately a lot of detail about the parties involved. SWIFT transfers generally take between 1 and 2 days to complete but can take longer. The SWIFT process allows for parties to ask for a trace of any transaction. When a SWIFT message is created, this is just a message and it just contains the request, which must be analyzed and processed. The process for validating each SWIFT message, confirming the availability of funds and performing the transfer of funds is very carefully controlled.

SWIFT Members include the following:

Each party to a SWIFT transaction must maintain a record of the transaction from its initiation through to its completion, and must be able to present these records on request.

Brokerage Institutes
Trading Houses
Securities Dealers
Asset Management Companies
Clearing Houses
Corporate Business Houses
Treasury Market Participants
Treasury Service Providers
Foreign Exchange
Money Brokers

As well as the party sending money, the party receiving the money, the bank (or other institution) managing the sending of the money and the bank (or other institution) managing the receiving of the money there are other regulatory parties that have an interest in a SWIFT transaction. These include government organizations responsible for illegal movement of money and government organizations responsible for taxation and other economic considerations.

What Nastel can do to help you manage your SWIFT Transactions and to Comply with both internal governance and regulatory compliance requirements.

Nastel Technologies can monitor all the systems associated with SWIFT transactions and by reading the payloads of each SWIFT transaction message can present a complete view of the pathway of each SWIFT transaction, overlaying the performance data from each system associated with the transaction to provide a visual method of analyzing each transaction and allowing for both real-time and historical reports to be generated to meet internal governance and regulatory compliance needs and to provide predictive and proactive report of any likely issues.