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Introducing SWIFTGlobal Forum on Remittances 2009
Laico Hotel, TunisMichael Whyte
23 October 2009
Introducing SWIFT – January 2009 – Confidentiality: Public 2
SWIFT’s three dimensions – Community
Platform
Comm
unity
Standards
Introducing SWIFT – January 2009 – Confidentiality: Public 3
3,8 billion messages per year (2008)
9,000 customers
209 countries and territories
Over 2,000 employees
Average daily traffic 14.8 million messages September 2009 YTD
Last peak day - 17.8 million messages – 15 October 2008
SWIFT figures
Introducing SWIFT – January 2009 – Confidentiality: Public 4
SWIFT in figuresFIN messages by market Sept. 2009 YTD
1% 50%7%
42%
Payments1,357 million msg
Trade31 million msg
Securities1,221 million msg
Treasury160 million msg
43.9%
5.8% 1.1%48.8%
African Countries on SWIFT 1993
Countries – Not connected
Countries connected
Countries now on SWIFT
Countries connected
Workers’ Remittances 1.0A high-value service for low-value payments
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Bank options for service delivery
Outside of becoming a franchisee of a money transfer operator, banks have the following alternatives:
1. Build a proprietary network
2. Build a bilateral service with a correspondent
3. Use open correspondent banking arrangements
Cost
Scalability
Service
Option: Issue:
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Workers’ Remittances Objectives
• Deliver a robust end-customer value proposition– time transparency– price transparency– ease of use
• Bring scalability to bilateral bank services
• Support any type of retail payment product
• Remain commercially and brand neutral
Service framework fit in the person-to-person payments ecosystem
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Debtor CreditorAgentAgent ParticipantParticipant
Settlement Agent
Bilateral ContractBilateral Service Level Template
Market PracticesService Levels, Product Groups, Charges & FX Practices
Reference DataParticipant and Agent Capabilities and Points of Service
Messaging StandardsInstruction, Reject, Return & Status
Messaging ServicesFileAct Strore & Forward 6.1
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Ref. data
FileAct S&FISO UNIFI 20022
Architecture
Rules + Guidelines
Settlement
sender beneficiary
Distribution network
sending countryDistribution network
Receiving country
CB CB
MT cover payment
High-level overview
End-to-end service level
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What you need to get started?
• Business:– Business Agreement with
counterparties• Application:
– Capability to process ISO 20022 (XML)
• SWIFT:– FileAct processing capabilities– Alliance Gateway release 6.1 or
higher– SWIFTNet Link release 6.1 or
higher
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Benefits
• Robust end-customer value proposition– time transparency– price transparency– ease of use
• Scalable bilateral bank services• Any type of retail payment
product supported
• Commercial and brand neutrality
Bring your services and your brands to your customers, efficiently!
33 service participants, 13 certified live
ABSA Bank Limited ZA
Banco Africano de Investimentos AO
Banco BHD S.A. DO
Banco BISA BO
Banco Bolivariano S.A. EC
Banco Davivienda ( Bancafé ) CO
Banco de Guayaquil EC
Banco del Austro S.A. EC
Banco do Brasil BR
Banco Nacional de Fomento EC
Banco Solidario EC
Banque Centrale Populaire-Maroc MA
BBVA Bancomer SA MX
China Construction Bank CN
Citigroup US
Citigroup UK
Codesarrollo EC
Financiera Cambiamos CO
FirstRand Bank Limited ZA
Giro y Finanzas CO
Habib Bank PK
ICBC CN
ICCREA IT
ICICI Bank Ltd IN
Ivobank UK
La Caixa ES
Macrofinanciera CO
Millennium BCP PT
Nedbank ZA
Russlavbank RU
Standard Bank of South Africa ZA
Standard Chartered HK
Wall Street Exchange Centre LLC AE
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2323
Questions?
?
Thank you
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