Swift (The Society for Worldwide Inter-Bank Financial Telecommunication) is a global bank settlement network developed by the Global Association Financial Telecommunications Association. At present, more than 200 countries have more than 200 countries in the world in using the SWIFT protocol. The Global Association Financial Telecommunications Association was established in 1973 and is an industry-recognized cooperative organization, which mainly controls the news services used by the bank, broker / distributor, investment manager. Swift provides message services for financial message exchange between member banks worldwide, such as letter license, payment, securities transactions, etc. Through the SWIFT network, a bank in Singapore can use electronic means and a unit of customer information exchange between New York, the inter-bank capital clearing, check liquidation, sharing balance or securities transaction. SWIFT requires each customer with a dedicated network terminal and pre-recognized software. Swift users include three types, respectively, member (shareholders), child members, and ordinary users. Members Enjoy all SWIFT services, ordinary users only have services related to their business, mainly from the securities industry, such as securities intermediary, investment management company, fund management company, etc. The core application of SWIFT is called FIN, a packet service based on storage and forwarding mechanisms. From a global perspective, more than 90% of the packet traffic comes from payment and securities transactions, and Europe has more than 66%. In 2002, the SWIFT packet carrying capacity reached 800 million, and there were 7 million days, and the amount exceeded 6 trillion euros. SWIFT provides various types of payment systems, including CLS: Continuous Linked settlement, continuous linkage settlement; Netting: netting system, such as Euro1, Step1; securities trading system: euronext; csds: securities centralized, such as the United Kingdom Ireland's Crest; CCPS: such as central registration settlement company; ICSDS: International Securities centralized storage, such as Euroclear, Clear- Stream; RTGS: Real-time full settlement system.
