Magenta Favorita Technologies: Swift interbank system

How SWIFT works
There are two types of messages: financial (between system users) and system (between users and the system).

All SWIFT messages are generated based on the following composition:
• title
• message text
• trailer

A computer terminal (CBT) communicates with a universal computer. Sending and receiving messages, managing application tasks is also carried out with its help. Messages are forwarded for processing to the appropriate operations center after pre-collection in the regional processor (RGP). The operations center, in turn, when operating SWIFT, processes messages using the following algorithm:

• Syntax check;
• Creating new headers to convert messages to outgoing form
• Adding trailers;
• Copy and encrypt messages for storage;
• Based on the results of the check, the sender receives a notification, where ACK is positive, NAK is negative. Each message automatically receives an incoming number.

Swift (Society for Worldwide Interbank Financial Telecommunications) is an international interbank system for transferring information and making payments. The system itself is not payment - it does not perform the functions of calculation and mutual clearing between participants. The Magenta Favorita company's experts will help you set up the software for your business.