The concepts and the role of information Banking SWIFT system

Company global communications banking - Sosiety for Worldwide Interbank Financial Telecommunication (SWIFT) was founded by a group of 250 banks in Europe and North America in 1973 with May 9, 1977, when the system started to work, and to date the number of monetary institutions using the service the organization has surpassed 3700 of 75 Member States and 92 States Parties. The number of transactions sent by these institutions is nearly 2 million daily and more than 400 million a year. The size of the transaction with one-way transfer is 325 b, and with two-way - 650 b. The high intensity of exchanges lowers their price so that it is lower than the cost of similar programs by telex and telegraph. The time of delivery of the message by SWIFT is about 20 minutes, but it can be reduced to 1-5 minutes for an additional fee, which covers the characteristics of the ordinary channels of communication. Thus, such a transmission by cable takes about 90 minutes.

Introduction to SWIFT assumes a contract user, government and society (in Russia and the CIS are owls, teleport).
SWIFT provides: a common language and a common organization of information processing technology, reliability of transmission and processing of data and protect them, the rapid transmission of messages; reduce errors and, consequently, losses, reliable contact between the remote clients, reducing operational costs. To a large extent, these advantages are connected with the introduction of regular posts.
SWIFT system provides: wire transfers and bank customers, the transmission of notices of receipt of remittances, foreign currency exchange, requests and notices of loans and deposits, long-term loans and deposits, interest payments, proof of the debit or credit, the account statement. This allows you to reduce the use of cardboard technology and move to electronic data interchange (EDI) in the financial system. If the first scheduled service only banks, then the system will soon become available and other institutions (broker, dealer, clearing offices and so on).
All vouchers come into the system in a standardized format that allows you to automate the processing of data and eliminate the possibility of understanding the meaning of various posts by the sender and recipient. Fixation of the executed transaction gives full control (audit) of all orders and receiving daily automated reporting on them. Sending a message and its control are carried out automatically (in the on-line no longer than 20 seconds).
Layered composite of physical, technical and organizational ways to protect the privacy and ensures the safety of transmitted data. Customer requests and formed statements may be used to assess the status of accounts and payments. Application of the standards of the banking documentation, its unification eliminated differences in the presentation of documents by different users.