Types of features of SWIFT, what is SWIFT

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SWIFT Letter of Credit refers to any letter of credit that is opened or notified through the SWIFT system. In international settlement, SWIFT letter of credit is a formal, legal, and internationally accepted letter of credit accepted by all parties to the letter of credit.

The use of SWIFT letters of credit must comply with the provisions of SWIFT, and must also use the SWIFT manual specification of the pure code (TAG), and the letter of credit must comply with the provisions of the ICC's 2007 revised "Uniform Customs and Practice for Documentary Credits".

In SWIFT, the undertaking clause of the issuing bank can be omitted, but it does not relieve the bank of its obligations. SWIFT letters of credit are characterized by being fast, accurate, concise and reliable.

Swift's Zheng dialect features.

Membership required. Most of the specialized banks in our country are members.

The cost is lower, the speed is high. For the same amount of content, Swift costs only about 18% of Telex and only about Cable.

of higher safety; SWIFT's cryptographic security is more reliable, more confidential, and more automated than telex.

The format is standardized. For SWIFT messages, the SWIFT organization has uniform requirements and formats.

There are three types of users, namely: sub-members (shareholders), sub-members and ordinary users. Members have access to all SWIFT services; Ordinary users only enjoy services related to their business, mainly from the industry, such as intermediaries, investment management companies, management companies, etc.

<> communication tool for financial institutions in various countries.

What is SWIFT

I still remember that at the beginning of 2022, a number of European and American countries issued statements announcing a ban on several Russian banks from using the SWIFT international settlement system, which attracted global attention. What exactly is SWIFT?

It is a global interbank financial telecommunication association. Founded in 1973 and headquartered in Belgium, the main function is to carry settlement information between the global banking system.

With SWIFT, banks do not need to communicate with each other in pairs, and have unified access to SWIFT, reducing complexity and improving efficiency. SWIFT defines standards and unifies the format of communication between banks in various countries, so that everyone can pass information in the same context, eliminating ambiguities in understanding.

SWIFT also sells software and services to financial institutions. Behind this information is actually the international ** data of large enterprises in various countries and regions.

How does SWIFT work?

For example, the importer in country M makes a bank payment to the bank account of a European exporter, and there must be a "channel" during the remittance process to transmit this signal. This "channel" is the global Zhixiao Yin payment system, and the most common payment system in the world is the SWIFT international settlement system.

There are differences in the financial standards of financial institutions in various countries, and when domestic financial institutions and foreign financial institutions conduct transactions, they need a recognized and standardized "transit station", and the SWIFT international settlement system is equivalent to a "transit station" to provide standardized information services for cross-border payment and settlement.

What other systems are there besides SWIFT?

If a financial institution is banned from using SWIFT, it is like being cut off from the global interbank market. It may affect the country's global financial flows and development.

At present, there are bilateral and multilateral international settlement systems such as the Single Euro Payment Area (SEPA) and the RMB Cross-border Payment System (CIPS) for cross-border financial services between different countries and regions.

However, the SWIFT international settlement system has been in operation for decades, and has a high degree of recognition and a dominant position in the international market.

SWIFT format and queries

SWIFT is composed of eight or eleven letters or Arabic numerals, which are used to distinguish different financial institutions in financial transactions.

All member banks of the association have their own specific SWIFT**, which is equivalent to the bank's ID number. In the case of a wire transfer, the remitting bank can send the money to the beneficiary bank by sending the payment message according to the beneficiary bank's SWIFT code.

In overseas receipts and payments, it is mandatory. You can find it at the bank statement or call your ** bank to inquire.

It is reliable, high-speed, low-cost and automatic nuclear security and deduction.

SWIFT is an abbreviation for the Society for Worldwide Interbank Financial Telecom Munications.

Founded in May 1973, the organization is an international interbank non-profit international cooperation organization. It operates a world-class network of financial messages through which banks and other financial institutions exchange messages with their peers to complete financial transactions.

In addition to this, Swift also sells software and services to financial institutions, and most of its users use the Swift network. Since its use, SWIFT has rapidly spread due to its efficiency, reliability and low cost. As of June 2007, SWIFT has served more than 8,100 financial institutions in 207 countries.

It can be said that the emergence of SWIFT has promoted the development of the world's leading countries and accelerated the circulation of currencies and international financial settlements on a global scale. The vast majority of cross-border remittances that we use on a daily basis are processed via SWIFT.

SWIFT [SW FT].

adj.fast; Prompt; vigorous; Swift; Happens quickly; made right away; Rapid.

n.swifts (a collective term for swifts); Crested swift (a general term for birds of the family Crested Swift); Swift pigeon (a playful pigeon, originating from Egypt and Syria, slightly resembling a swift); Lizards of the genus Lizard; Utah lizards; (carding machine's) large drum is simply collapsed, large Xilin; Stretchers; Wire frames.

synonyms: instant; apodidae，hemiprocnidae；pigeon；lizard；cylinder；frame。

Swift data types include: int, double, float, bool, string, tuples, sets, enums, structs, and classes.

These data types are divided into value types and reference types according to the different parameters passed, where the class belongs to the reference type and the others belong to the value type. When a value type is assigned or passed as a function parameter, an identical copy is created and passed over without the original data being affected. When a reference type is assigned or passed as a function parameter, the value itself is passed, and when the function changes the parameter value, the original value is affected.

1.Integers can be divided into two types according to whether they are signed or not:

2.By accessing the min and max properties of different integer types, you can obtain the maximum and minimum values of the corresponding types.

3.Integer literals can be expressed in different base systems, generally in the following four forms.

1) Decimal number, no prefix.

2) The binary number of the ant liquid, the prefix is 0b.

3) Octal number with a prefix of 0o.

4) Hexadecimal, prefixed with 0x

Hexadecimal literals include the numbers 0-9 and the letters a-f (both uppercase and lowercase).

There are two types of signed floating-point numbers, double and float

2.In SWIFT, you can add 0 or an underscore ( ) to integer and floating-point models to separate the values, improving the readability of the values without affecting the actual values.

3.Floating-point literals.

Floating-point literals come in decimal (without a prefix) and hexadecimal (with a prefix of 0x). There must be at least one digit on either side of the decimal point. Floating-point literals can also be expressed exponentially, including the following two.

1) The exponent of the decimal floating-point number is specified by uppercase or lowercase e, assuming that the exponent of the decimal number is exp, then this number is equivalent to the base multiplied by 10 exp

2) Hexadecimal floating-point numbers are specified by uppercase or lowercase p. Assuming that the exponent in hexadecimal is exp, then this number is equivalent to multiplying the base by 2 exp.

The value of a Boolean type in swift can only be true or false, where true indicates true and false indicates false.

Since the comparison result of the expression (i ==1) is of type bool and can be used as a logical value, it can be compiled successfully.