Hi Guys, being my first SWIFT post i would like to cover something so basic thats impossible to screw up.
So what’s SWIFTNet? it’s basically a term used to describe the worldwide financial industry solution targeted at providing a unified standardized communication infrastructure enabling various disparate financial applications that are present in every financial institution exchange messages between each other in a clear and unambiguous format by offering an application independent, single window interface to all the connected applications of all the institutions participating in the global financial community.
Considering its size and important, its needless to say that the network has to be very secure and robust in order to assure business continuity and disaster recovery for the infrastructure of mission-critical financial applications. Having this guarantee enables the various institutions have the confidence to in the interoperability of mission-critical financial software solutions which provides the backbone of our global financial network.
Right … so here comes the dummies understanding of it (me included). Think of SWIFTNet like the internet as a whole. On the network, there are various devices that connected to it that use different operating systems, web browsers, protocols and different IP standard but somehow all these applications are able to work together and form this global mesh we know today. How is this possible?
Its largely because the the TCP/IP protocol implementation that enables all these applications communicate and exchange data and in the same way, so does the SWIFTNet via the MT and MX standards for messaging among others applications. So what’s the advantage of this?
The main benefits of SWIFTNet are as follows:
- Reliability (being such an important financial network, it has to be)
- Availability (goes without saying)
- Role Based and Non Role Access Control (Goes with user security)
- Message Integrity ( Contents not altered along the way)
- Confidentiality (sssh)
- Non-repudiation support (you sent it and you can’t deny it)
- Validation (Message format checked due to structured nature)
- Finally, store and forward support
That covers SWIFTNet for now. Bye