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The Society for Worldwide Interbank Financial Telecommunication (Swift), legally S.W.I.F.T. SC, is a Belgian banking cooperative providing services related to the execution of financial transactions and payments between limited banks worldwide. Its principal function is to serve as the main messaging network through which limited international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "Swift codes".
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The Electronic Banking Internet Communication Standard (EBICS) is a German transmission protocol developed by the German Banking Industry Committee for sending payment information between banks over the Internet. It grew out of the earlier BCS-FTAM protocol that was developed in 1995, with the aim of being able to use Internet connections and TCP/IP. It is mandated for use by German banks and has also been adopted by France and Switzerland.
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Swift is a high-level general-purpose, multi-paradigm, compiled programming language developed by Apple Inc. and the open-source community. Swift compiles to machine code, as it is an LLVM-based compiler. Swift was first released in June 2014, and the Swift toolchain has shipped in Xcode since version 6, released in 2014.
The Cross-Border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. Backed by the People's Bank of China (PBOC), China launched the CIPS in 2015 to internationalize RMB use. CIPS also counts several foreign banks as shareholders, including HSBC, Standard Chartered, the Bank of East Asia, DBS Bank, Citi, Australia and New Zealand Banking Group, and BNP Paribas.
MT202 COV is a specific SWIFT message type used on the SWIFT network for financial institution (FI) funds transfer between financial institutions.
References
- ↑ "Format Description MT940" (PDF). Archived from the original (PDF) on 25 July 2016. Retrieved 25 July 2016.
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