06.06.2018: SWIFT

SWIFT is the abbreviation for Society for Worldwide Interbank Financial Telecommunication, an international cooperative of financial institutions founded in 1973, which operates a telecommunications network (the SWIFT network) for the exchanging of information between members.

Between affiliated members (banks, brokers, financial institutions), the sending of messages via SWIFT exclusively describes the sending of a message which transmits industry-specific content with an "MT" coding (standing for message types) followed by a three-figure number. Such messages can for instance be transfers, notices of the opening of a letter of credit or securities transactions.

The SUISSE BANK GROUP makes extensive use of this communication network, especially within the business field of trade financing.

The messaging platform, products and services of SWIFT connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories. SWIFT is headquartered in La Hulpe in Belgium. In addition, there are operating centres (OPC) in the Netherlands, the United States and Switzerland to rule out objections on data protection grounds concerning centralised data processing.

The SUISSE BANK GROUP is receiving an increasing number of queries from smaller financial institutions, agents and brokers as to whether, as a partner of the SUISSE BANK GROUP, they can send messages via SWIFT. As this option exists in principle, the SUISSE BANK GROUP is currently reflecting on whether to organise an additional service area for its shareholders based on this opportunity.