Implementation > SWIFTNet connectivity > About SWIFT and SWIFTNet

About SWIFT and SWIFTNet

About SWIFT

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a financial industry owned co-operative. SWIFT operates a worldwide financial messaging network over which information concerning financial transactions can be exchanged. SWIFT provides secure, standardized messaging services and interface software to financial institutions. Members of the SWIFT community include banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury, trade and corporates.

The basic goals of SWIFT solutions are to:

Ensure message exchange security
Ensure high system availability
Fluidify world-wide financial transactions and help the growing SWIFT community (8000+ members in 206 countries) achieve straight-through processing

About SWIFTNet

SWIFT extends its exchange services through an IP network infrastructure called SWIFTNet.

SWIFTNet is an IP-based messaging platform that comprises a portfolio of products and services enabling the secure and reliable communication of mission-critical financial information and transactional data.

SWIFTNet provides three categories of exchange services dedicated to finance-related exchanges:

InterAct for the exchange of messages, in particular, SWIFT-XML messages
FileAct for the exchange of files
FIN messaging service dedicated to the exchange of FIN messages

Additionally, SWIFTNet provides a browser service.

SWIFT defines message formats for the exchange of financial-related data via SWIFTNet exchange services. There are two principal types of SWIFT message formats:

FIN: Collection of more than 200 standardized message types. FIN messages comply with the ISO 15022 standard. FIN messages are also referred to as MT messages.
SWIFT-XML: XML messages compliant with the ISO 20022 standard (also referred to as UNIFI). SWIFT-XML messages support data exchange within Business solutions such as Cash Reporting, Funds Management and TradeService Utility. SWIFT-XML messages are also referred to as MX messages.

SWIFT subscribers deploy SWIFT interface applications to interconnect with other members of the SWIFT community via SWIFTNet:

SWIFTAlliance Access (SAA): SWIFTAlliance Access is a messaging interface that enables you to connect your in-house applications with the SWIFTNet FIN messaging service and (since V5.9) InterAct service for the SWIFT-XML format.
SWIFTAlliance Gateway (SAG): All SWIFTNet message flows can be concentrated through this single interface.
This includes applications connected via various technical means such as the Remote API-Host Adapter (RAHA) or WebSphere MQ, as well as applications designed for linking to SWIFTNet Link or based on SWIFTAlliance WebStation.
Interfaces with third-party providers other than SWIFT: These third-party interfaces are not covered in this documentation.