SWIFT

PRESENTED BY ARUN.K.S

SWIFT
Swift is a worldwide network for financial

messages through which its members (i.e. financial institutions such as banks) can exchange messages related to money transfer for their customers.

 Swift operates a global financial messaging network

which exchanges messages between banks and other financial institutions.

Swift also markets software and services to financial

instiitions.
ISO 9362 bank identifier code are also known as swift

codes.
Till 2008 swift linked 8740 financial institutions in 209

countries
Swift was founded in Brussels,Belgium in 1973.,supported

by 239 banks in 15 counties.

 Swift establishes a common standard for financial

transactions, a shared data processing system and a world-wide communication network.

Its operating procedures, rules for liability etc. were

established in 1975 and the first message was sent in 1977.

Swift headquarters are located in La hulpe,belgium near

Brussels.
Swift uses a variety of connection types, from dial-up to

isdn,x25 and IP

NRI BANK ACCOUNTS

An nri is an Indian who stays abroad for employment or

for carrying on business outside India. An Nri may open the following types of accounts mainly:NRO account(non-resident ordinary rupee account)
It is a non-repatrible rupee account maintained by an nri

in India.
any nri can open this account for rupee transactions

giving an undertaking that all transactions pertaining to investment will be in accordance with the RBI guidelines

 NRE account(non-resident external rupee account) Unlike the NRO account balances in this account can be

easily repartriable outside India.

Any nri can open this account giving an undertaking that

he will intimate the bank as to when he will return to India for permanent residence.
Such accounts can be savings account, current account,

recurring account or a fixed deposit account.

 FCNR account(foreign exchange non-resident account) The funds in this account are also freely repatriable. Any NRI can open this account but such accounts cannot

be opened jointly with a resident Indian.

Only term deposit accounts can be opened for a period

ranging from one to three years.

Chips
The clearing house interbank payments system is the main

privately held clearing house for large-value transactions in the us,setting over US $ 1 trillion a day in around 250,000 interbank payments.
Chips are owned by financial institutions

Chips participants may be commercial banks, edge act

corporations or investment companies.

Chips is less expensive as compared to fed wire.

Thank You