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					SWIFT
1. SWIFT Introduction
2. SWIFT Features
3. SWIFT messages that way
1. Project representation
2. Date representation
3. Digital representation
4. Currency approach
4. Letter of credit means the common items that
1. With a single letter of credit issuing
2. Credit changes
1. SWIFT Introduction
SWIFT        also    known      as:     "Worldwide        Interbank   Financial
Telecommunication," is an international inter-bank cooperation between
international organizations, was established in 1973, most countries in the world now
use the SWIFT system, most banks have. The use of SWIFT, the bank's
balance sheet to provide a safe, reliable, fast, standardized, automated
communications services, thus greatly improving the bank's billing rate.
SWIFT has a standardized format as the current format of letters of credit are
primarily used SWIFT message, it is essential to understand SWIFT.
2. SWIFT Features
1.SWIFT require membership. Most of specialized banks in China are its members.
2.SWIFT lower cost. The same amount of content, SWIFT costs only TELEX (telex)
is about 18%, only CABLE (T) of 2.5%.
3.SWIFT higher security. SWIFT's Miya Miya than telex reliability, high
secrecy and high automation.
4.SWIFT a standardized format. For SWIFT messages, SWIFT organizations have
unified requirements and format.
3. SWIFT message that way.
1. Project representation
SWIFT by the project (FIELD), see: 59 BENEFICIAR Y (beneficiary), is a project
that 59 is the project code may be two digits, you can also add two letters to represent
numbers such as 51a
APPLICANT (the applicant). Different code, that a different meaning. Project also
provides a certain format, a variety of SWIFT messages must be in accordance with
this format.
In the SWIFT message, some projects will be selected projects (MANDATORY
FIELD), some projects are optional items (OPTIONAL FIELD), will select projects
must have, such as: 31D
DATE AND PLACE OF EXPIRY (letter of credit is valid), the optional item is an
additional item, not necessarily for each letter of credit has, such as: 39B
MAXIMUM CREDIT AMOUNT (maximum credit limit amount).
2. Date representation
SWIFT message date expressed as: YYMMDD (years day)
Such as: May 12, 1999, that is: 990 512;
March 15, 2000, that is: 000 315;
December 9, 2001, that is: 011209.
3. Digital representation
In the SWIFT message, the figures do not use sub-cell number, decimal comma
"," to indicate
Such as: 5,152,286.36 expressed as: 5152286,36;
4 / 5 is expressed as: 0,8;
5% expressed as: 5 PERCENT
4. Currency approach
Australian Dollar: AUD;
Austria element: ATS;
Belgian franc: BEF;
Canadian Dollar: CAD;
Yuan: CNY;
Danish Krone: DKK;
Deutsche mark: DEM;
Dutch guilder: NLG;
FIM: FIM;
French franc: FRF;
Hong Kong dollar: HKD;
Italian lira: ITL;
Japanese Yen: JPY;
Norwegian Krone: NOK;
Sterling: GBP;
SEK: SEK;
U.S. dollars: USD
4. Letter of credit means the common items that
1. With a single letter of credit issuing (MT700)
Required 20DOCUMENTARY CREDIT NUMBER (credit number)
Optional 23REFERENCE TO PRE-ADVICE (notice number)
If a credit is to take notice of the way, the project was supposed to fill
"PREADV /", plus advance notice of the number or date.
Required 27SEQUENCE OF TOTAL (message page)
Optional 31C DATE OF ISSUE (issuing date)
If this is not filled, then the issuing date of the message sent date.
Required 31D DATE AND PLACE OF EXPIRY (letter of credit is valid and effective
location)
The final delivery date for a single date.
Required 32B CURRENCY CODE, AMOUNT (letter of credit in the currency and
amount)
Optional 39A PERCENTAGE CREDIT AMOUNT TOLERANCE (amount of the
credit minus the maximum allowable range)
Representation of the project is unique, said the percentage of numerical values, such
as: 5 / 5, that a maximum of plus or minus 5%. 39B and 39A can not be simultaneous.
Optional 39B MAXIMUM CREDIT AMOUNT (maximum credit limit amount)
39B and 39A can not be simultaneous.
Optional 39C ADDITIONAL AMOUNTS COVERED (extra amount)
That involved credit insurance, interest, freight amount.
Required 40A FORM OF DOCUMENTARY CREDIT (with a single letter of credit
form)
Documentary letter of credit, there are six forms:
(1) IRREVOCABLE (irrevocable documentary letter of credit)
(2) REVOCABLE (can be removed with a single letter of credit)
(3) IRREVOCABLE TRANSFERABLE (with the single transferable irrevocable
letter of credit)
(4) REVOCABLE TRANSFERABLE (with the single transferable revocable letter of
credit)
(5) IRREVOCABLE STANDBY (irrevocable standby letter of credit)
(6) REVOCABLE STANDBY (revocable standby letter of credit)
Required 41a AVAILABLE WITH ... BY ... (designated banks and credit payment
way)
(1) the designated bank as payment, acceptance, negotiation.
(2) the way to honor 5: BY PAYMENT (immediate payment); BY
ACCEPTANCE (long-term acceptance); BY NEGOTIATION (negotiation); BY DEF
PAYMENT (deferred payment); BY
MIXED PAYMENT (Mixed payment).
(3) If a free negotiation letter of credit, do not do the place of negotiation of letters of
credit constraints, the project code-named: 41D, content was: ANY
BANK IN ...
Optional 42a DRAWEE (bill payer)
Must be simultaneous with the 42C.
Optional 42C DRAFTS AT ... (bill payment date)
42a must be simultaneous.
Optional 42M MIXED PAYMENT DETAILS (mixed payment terms)
Optional 42P DEFERRED PAYMENT DETAILS (deferred payment terms)
Optional 43P PARTIAL SHIPMENTS (repackaging Terms)
Indicated whether the letter of credit shipments of goods.
Optional 43T TRANSSHIPMENT (transfer provisions)
Said the letter of credit is directly to, or arrive by transit.
Optional 44A LOADING ON BOARD / DISPATCH / TAKING IN
CHARGE AT / FORM (loading, shipping and receiving monitoring locations)
Optional 44B FOR TRANSPORTATION TO ... (the final shipment to)
Optional 44C LATEST DATE OF SHIPMENT (last shipment)
The latest date of shipment. 44C and 44D can not both be present.
Optional 44D SHIPMENT PERIOD (sailing)
44C and 44D can not both be present.
Optional 45A DESCRIPTION OF GOODS AND / OR
SERVICES (goods description)
Goods, pricing terms.
Optional 46A DOCUMENTS REQUIRED (documentation required)
The requirements of the various documents
Optional 47A ADDITIONAL CONDITIONS (Special Provisions)
Optional 48PERIOD FOR PRESENTATION (AC single-period)
After the opening of the transport document that the number of days of lading.
Required 49CONFIRMATION INSTRUCTIONS (confirmation indication)
Among them,
CONFIRM: requested the confirming bank against the credit insurance
MAY ADD: closed the credit line may add its confirmation.
WITHOUT: closed the line does not require confirmation of the letter of credit.
Required 50APPLICANT (letter of credit to applicant)
Generally importer.
Optional 51a APPLICANT BANK (letter of credit issuing bank)
Optional 53A REIMBURSEMENT BANK (pay-line)
Optional 57a "ADVISE THROUGH" BANK (advising bank)
Required 59BENEFICIARY (letter of credit beneficiary)
Exporters generally.
Optional 71B CHARGES (fee case)
Indicate whether the cost of the beneficiary (exporter) out, if not this one, said that
apart from meeting fees, transfer fees
, Other various expenses by the open letter of credit of the applicant (importer) out.
Optional 72SENDER TO RECEIVER INFORMATION (PS)
Optional 78INSTRUCTION TO THE
PAYING / ACCEPTING / NEGOTIATING BANK
(To pay, accepting, negotiating bank's instructions)
2. Credit changes (MT707)
Required 20SENDER'S REFERENCE (credit number)
Required 21 RECEIVER 'S REFERENCE (closed line number)
Power Man closed the bank does not know the line number, fill in
"NONREF".
Optional       23ISSUING          BANK'S         REFERENCE        (the     issuing
bank's number)
Optional 26E NUMBER OF AMENDMENT (modified times)
The amended letter of credit number, required by the order.
Optional 30 DATE OF AMENDMENT (revised date)
If a credit modification Motian this, modify the date is the date of transmitters.
Optional 31C DATE OF ISSUE (issuing date)
If this is not filled, then the issuing date of the message sent date.
Optional 31E NEW DATE OF EXPIRY (new valid letter of credit)
The validity of the credit changes.
Optional 32B INCREASE OF DOCUMENTARY CREDIT
AMOUNT (Amount of increase)
Optional 33B DECREASE OF DOCUMENTARY CREDIT AMOUNT (Amount of
reduction)
Optional 34B NEW DOCUMENTARY CREDIT AMOUNT AFTER AMENDMENT
(modified credit amount)
Optional 39A PERCENTAGE CREDIT AMOUNT TOLERANCE (amount of the
credit minus the maximum extent permitted by the amendment)
Representation of the project is unique, said the percentage of numerical values, such
as: 5 / 5, that a maximum of plus or minus 5%. 39B and 39A can not be simultaneous.
Optional 39B MAXIMUM CREDIT AMOUNT (maximum credit limit the amount of
changes)
39B and 39A can not be simultaneous.
Optional 39C ADDITIONAL AMOUNTS COVERED (additional amount of
changes)
That involved credit insurance, interest, freight rate changes.
Optional 44A LOADING ON BOARD / DISPATCH / TAKING IN
CHARGE AT / FORM (loading, shipping and receiving locations regulatory changes)
Optional 44B FOR TRANSPORTATION TO ... (the final shipment to the changes)
Optional 44C LATEST DATE OF SHIPMENT (the last shipment of changes)
The date of shipment of the latest changes. 44C and 44D can not both be present.
Optional 44D SHIPMENT PERIOD (shipment date changes)
44C and 44D can not both be present.
Optional 52a APPLICANT BANK (letter of credit issuing bank)
Required 59BENEFICIARY (BEFORE THIS
AMENDMENT) (letter of credit beneficiary)
The project for the original beneficiary of the credit, if you want to modify the
beneficiary of the credit, you need 79
NARRATIVE
(Revised details) in the states.
Optional 72SENDER TO RECEIVER INFORMATION (PS)
/ BENCON /
: Closed the line to inform transmitters required beneficiaries to accept the credit line
changes.
/ PHONBEN /
: Please call to inform the beneficiary (beneficiaries listed in the phone number).
/ TELEBEN /
: The efficient and effective way to inform beneficiaries of telecommunications.
Optional 78NARRATIVE (revised details)
Detailed changes to the content.
There are many other such
999,199 for information transfer
760 for the Bank Instrument of transfer
799 for return
103 for payment
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What is the "SWIFT"?
"SWIFT" is the Society for Worldwide Interbank
Telecommunications (Society for Worldwide Interbank Financial Telecommunication)
the title, and economic activities between the international banking industry
increasingly frequent exchanges between accounts increasing, the traditional manual
processing methods can not meet the requirements of customers, in order to adapt to
the changing market development, customer requirements within a country, even
worldwide funds transfer clearing and settlement can be completed quickly. Therefore,
from the late 60 century early 70s, seven banks in the European brewing
establishment of an international communications system to provide international
financial data and other information, fast delivery service to start common message
exchange procedures of international financial feasibility study. Research results show
that, should the establishment of an international of the financial processing system,
that the proposed system correctly, safety, low cost and quickly transfer standard of
international capital allocation Xin Xi.
To May 1973, from the United States, Canada and Europe, 15 countries of the 239
banks announced the formal establishment of SWIFT, with its headquarters in
Brussels, Belgium, it is to solve the world's financial communication
between the payment and settlement can not adapt to the rapid international growth
established non-profit organization responsible for the design, establishment and
management of SWIFT international network for the organization among members of
the international transmission of financial information and determine the route.
Beginning in 1974, designing computer network system, the summer of 1977,
completed a global financial telecommunications network with the industry (SWIFT
network) system, the construction and development, and formally put into operation.
The organization was founded, the number of its member banks increased rapidly
year by year. Since 1987, non-bank financial institutions, including brokers,
investment companies, securities firms and stock exchanges, started to use SWIFT.
The network currently has 206 countries around the world and the region more than
8,000 financial institutions to provide financial security of message transmission
services industry and related interface software to more than 80 countries and regions
to support real-time payment and settlement systems.
SWIFT connectivity to Hong Kong in 1980. China's Bank of China in
1983 to join SWIFT, SWIFT is a member organization of the first 1034 lines, and was
officially opened in May 1985 the use of international financial standards become an
important milestone in the integration. After China's national commercial
banks and the Shanghai and Shenzhen Stock Exchange, also has joined the SWIFT.
Into the 90's, except for state-owned commercial banks, China may apply
for international banking business of all foreign banks and local banks and overseas
Chinese have joined SWIFT. The use of SWIFT gradually extended from the head
office to branches. In 1995, SWIFT telegraph building in Beijing and Shanghai, set up
long distance building SWIFT access point SAP (SWIFT Access Point), respectively
with Singapore and Hong Kong SWIFT Regional Treatment Center, node connectivity,
to provide users with automatic routing.
Asia-Pacific region for the better customer service, SWIFT was set up in 1994 in
Hong Kong than the United States and the Netherlands, the third outside support
center, so that users in China can be SWIFT Support Center Chinese-speaking staff of
technical services. SWIFT also has offices in 17 locations worldwide and its 2,000
professionals from 55 countries, including the Beijing office was established in 1999.
The world of financial data transmission, file transfer, through processing STP
(straight through process), match, net liquidation and payment services, the operation
of information services, software services, authentication services, customer training
and 24-hour technical support.
SWIFT has since been put into operation, with its efficient, reliable, inexpensive and
perfect service, in promoting the development of world trade and accelerate global
currency flows and international financial settlement of international financial
services modernization and standardization has played an active effect.
China's Bank of China, Agricultural Bank of China, ICBC, China
Construction Bank, Bank of Communications, CITIC Industrial Bank has become the
Worldwide Interbank Financial Communication Association. This is why the PP only
support the domestic bank wire transfer several reasons for this.
SWIFT transfer the design capacity is 11 million messages a day, while the current
five million messages sent per day, these messages to allocate trillions of dollars of
funding, it relies on is its message to provide more than 240 standard.
SWIFT's message standard format, has become an international inter-bank
data exchange standard language. This is inside the code used to distinguish between
banks that "SWIFT Code", rely on SWIFT Code corresponding
amount will be remitted accurately designated bank.
SWIFT Code proposed by the Association was adopted by ISO bank identification
code, the original name is the BIC (Bank Indentifier Code), but the BIC name
meaning is too broad and was worried about other banks understand the identification
code into the system, so gradually all convention to the BIC had called SWIFT Code.
Each bank (including each branch, branch) has a code name by the banks and the
headquarters location of the English abbreviation abbreviation (also useful to add
letters of a number of cities), and the location of the branch code ( letters, numbers, or
mixed) form. Internationally, the bank's SWIFT Code is a uniform format,
such as: BKCHCNBJ110 ,1-4 bit is the unified code of a bank (Bank of China to
BKCH) ,5-6 representatives from the country code (China CN), 7 - eight of the city
code (in Beijing BJ), 110 on behalf of Beijing Branch. Which is not where the head
office of SWIFT Code code, a median of 8 bits (such as Bank of China headquarters
BKCHCNBJ), the rest are for the 11.
How to check SWIFT Code?
To check a bank's SWIFT Code, can call consultation, but we do
Wangzhuan of people, at the web more convenient! Society for Worldwide Interbank
Telecommunications landing site can check any of the bank's SWIFT
Code.
Incidentally, in addition to SWIFT Code, in the United States there Routing Number,
also known as the Routing Transit Number or ABA Number, which is by the ABA
(American Bankers Association) in the supervision and assistance of the Federal
Reserve raised the financial institution identification code, a lot of financial body has
a mainly used and banking-related transactions, transfer, liquidation route confirmed
by the 9 value (not the number! 8 content plus a check digit) form. We have received
U.S. checks, usually in the lower left corner of its front are printed on the
bank's Routing Number.
Find ways: enter the site, if you know the bank code (BIC) or keyword (Institution
Keyword),      it     can     be      done      quickly     find      the     information
http://www.swift.com/biconline/index.cfm?fuseaction=display_bichome . Keywords
such as Bank of China Bank of China, imported, you can query the Bank of China
branch in the world SWIFT Code, including of course the code across the continent.
Search results can be seen from the mainland branches of the beginning of the 8-bit
all BKCHCNBJ, you can search directly in the BIC, enter the 8-bit, listing parts of the
domestic branch of the Bank of China SWIFT Code.
For example, I found the Bank of China Hubei Branch SWIFT Code is
BKCHCNBJ600