The Advantage of SWIFT to Financial Institutions - Assignment Example

TABLE OF CONTENTS 1. PURPOSE OF THE ASSIGNMENT 2. INTRODUCTION 3. CONCEPT AND BENEFITS OF SWIFT 4. FINANCIAL RISKS AND SWIFT 4.1 Securities Settlement Risk 4.2 Risks in Forex and Cash Settlement 4.3 Risks in Asset Servicing 4.4 Future processing requirement risks  4.5 Techniques to Reduce Risks 4.6 SWIFT Initiatives to Reduce Risks 5. SWIFT AND COMPLIANCE ISSUES  5.1 Data Protection Policy  5.2 Safe Harbor Framework  5.3 Personal Data Protection Policy  5.4 Compliance of UST Subpoenas  6. SWIFT AND REGULATORY ISSUES 7. SWIFT’s NEW IMPROVED MESSAGING SERVICE – Distributed Architecture 8. CONCLUSION 9. REFERENCES 1.      PURPOSE OF THE ASSIGNMENT In view of the recent financial crisis, the most affected of all is the securities market. The industry seems to be taking a lot of preventive steps while initiating some radical changes and at the same time investing in new market opportunities. Further, the securities market has raised concerns about the methods and regulations related to the processing of the financial messages and cash transactions since the large volume and the intricacies involved in the processing are becoming more tedious to handle and control. In order to carefully administer these risks for the securities market, and simultaneously manage the costs, new tools and regulations are being devised. Companies and other financial institutions are looking forward to new solutions that will help them to stay and survive in the times of tough competition. However, there exist a number of ways to decrease risks related to processing and cost within the investment and securities market, this paper particularly studies how investment banks and managers can utilize S.W.I.F.T. network to reduce processing risk in the securities industry. The paper will study the risks presented to financial organisations and how can SWIFT help to reduce these risks with the adoption of new architecture. Further, the compliance issues will also be studied in relation to SWIFT followed by recommendations. 2. INTRODUCTION S.W.I.F.T., the acronym for the Society for Worldwide Interbank Financial Telecommunication offers communication and processing services related to financial information in order to support the business activities of various financial institutions and organizations. These financial activities are related to securities, payments, border exchange and stock markets. The dedicated telecommunications network of SWIFT provides fast, secure and efficient services in compliance with the help of a range of ISO standard messages developed by SWIFT in unison with its clients and financial organizations (www.swift.com). With an intention to lower the use of paper based processes, SWIFT has moved from providing the initial requirements to lowering costs enhance productivity and decrease the involved financial risks by offering a number of automation procedures for settlement process and networking security. The operations at SWIFT started in May 1977, to assist banks in moving large volumes of funds electronically between themselves in a safe and efferent manner. With the admission of brokers in the year 1987, a Category 5 messaging standard was evolved in order to secure settlement processes and safekeeping financial data for safe transactions. SWIFT does not assist with the transfer of funds between its members. It is a cooperative society under the Belgian regulation and is headquartered in La Hulpe, Belgium, near Brussels. SWIFT operates in more than 202 countries with over 7800 institutions and routes over 2500 million financial messages every year, with an average volume of 9.6 million messages every day with estimate of $4 trillion. Apart from the regular banks, SWIFT has connectivity with non financial institutions who are involved in security trading, like Brokers, investment managers, security depository organizations, Trusts, Registrars, Cross border and local transfer agents,  and ETC Providers. In order to enhance the SWIFT procedural standards, every year, SWIFT sets up user committees to review the current stand rads and set new targets and process refinements each year, (www.swift.com). With the ever increasing trend in the securities market for message standardization and automated connectivity within involved parties, the SWIFT has encountered the fastest growing business with its securities message segment during the last five years. With an estimated growth rate of more than 40%, the securities traffic is further anticipated to rise sharply in near future, (Securities Industry News , 2006) . Utilization of encrypted formatted financial data authorized and validated by S.W.I.F.T., along with high back office automation processes have resulted in increased productivity within the business segment. 2.1 Services offered by SWIFT, (www.swift.com). The services offered by SWIFT can be divided under four categories in the financial industry. Some of them are described below under the categories – ·         Securities – Under the Securities category, SWIFT offers SWIFTNet FIX which is a form of central hub architecture application which helps members to communicate with as many trading partners over a solo FIX session. Another feature under the Securities es category is the SWIFTNet Data Distribution, which is an application to monitor financial file transfers under Global standards. The third application is the SWIFTNet Funds, which is a automated messaging application offering STP to the funds industry with the help of SWIFT Net Messaging system it offers efficiency and risk reduction to the funds transactional period, (ABA Trust and Investments November, 1999). ·         Treasury and Derivatives – SWIFT offers SWIFTNet Accord system which is a fail-safe matching and exception handling solution for the confirming treasury balances and transactions in real time. Another application, SWIFTNet Affirmation, is used to process matching and real time handling of foreign exchange and trade confirmations. SWIFTNet CLS Third Party service offers support system interface between the members, their banks and the concerned third parties of the members to settle foreign trades. ·         Trade Services - SWIFTNet Trade Services Utility to assist banks and other financial organizations to improve their supply chain through Management Information systems, trade data checking and valuation services. SWIFTNet Mail, which supports a person to person messaging system, through which clients can configure their own email systems to send emails through SWIFTNet network instead of the World Wide Web. This allows transfer of sensitive business and financial document, contracts, etc. ·         Cash management – Under this category, SWIFT offers four major tools to its clients. The first one - SWIFTNet Bulk Payments provides a universal envelope for fiscal statistics, despite the variation in the message format, as a result of which the clients can send more money per each transaction, along with scanned images of draft/cheques. This tool avoids the requirement to set up an isolated line bulk payments and fiscal information. The second one - SWIFTNet Cash Reporting allows banks to track various facilities like cash pending and cash settled issues, which add to another level of lucidity and management for customers. This tool helps the client to locate and search data for settled and pending payments while tracking current process payment. The last one - SWIFTNet Exceptions and Investigations provides a convincing company case as it assists in reaching to higher levels of effectiveness in administrating and supervising client enquiries.SWIFTNet Exceptions and Investigations computerizes four of the following business procedures for banks: Appeal for termination Appeal for alteration Incapable of applying Beneficiary claims non-receipt 3. CONCEPT AND BENEFITS OF SWIFT The concept of SWIFT offers a central automated mechanism which stores and forwards messages along with limited amount of transaction management. For example, if a bank needs to send a financial message to another bank along with authorization to a third party, the message is formatted as per set standards and sent to SWIFT which assures its safe and sound deliverance to the second bank subsequent to the suitable action by the involved third party, (Securities Industry News , 2006). SWIFT is also seen as a set of syntax standards for transmission of financial messages over any network and SWIFT is also a set of connections and software services offered to members to easily transmit financial messages and information. It has recently changed its initial infrastructure to a new set up known as SWIFT Phase 2. This new protocol requires all the members to connect to SWIFT through a Relationship Management Application in place of the former Bi-lateral key exchange method, (www.swift.com). Among the various interfaces and CBTs offered to its clients (to manage the delivery and receipt of financial messages and other information), some are mentioned below: SWIFTNet Link (SNL) Alliance Gateway (SAG) Alliance WebStation (SAB) Alliance Access (SAA) is the most important messaging software developed by SWIFT, which permits creation of FIN messages only, but at the same time allows for routing and administering of both FIN and MX messages. The Alliance Workstation (SAW) is administrative software used for administering and creation of FIN messages. Alliance Web Platform (SWP) is the latest entry into the section. It is a client desktop interface which can be used in place of Alliance WebStation, Alliance Workstation and Alliance Messenger. SWIFT has provided huge ranging benefits to its members by automating the costly and time taking management procedures by the utilization of modern identification and validation techniques to handle the incoming / outgoing financial messages and automatic processing of these messages as per STP rules. No added costs and easy integration with current banking systems, and ISO 15022 standards has been the foremost advantage offered by SWIFT to its members, (ABA Trust and Investments November, 1999). The main advantages of using SWIFT systems are as follows: Easier handling of all types of messages User friendly interface, helps the user to decide which messages will be included Enhanced process, Cost reduction and better productivity due to automation Easily integrable Java based open set up architecture into any platform Compatible with the ISO 15022 standards, ISSA, ISITC,  FIBV and FIX standards that offer support to the new category of CAT 5 messages. Clients have the option of selecting two networks – The standard network which uses the X.25 protocol, which utilizes leased or dial up connect lines. The second option is the new TCP/IP network which is targeted for real time services to the SWIFT members in three areas - CLS (Continuous Linked Settlement) in the Foreign Exchange market, Bolero in the Trade Finance market and the GSTPA (Global Straight through Processing Association) in the Securities market, (ABA Trust and Investments November, 1999). SWIFT also offers its members the advantage of using electronic interfaces to the SWIFT network, which offers a fully automatic system to the clients. The latest automated interface available is the UNIX-based Alliance Access and the Windows/NT-based Alliance Entry services. SWIFT also offers services to make the Financial trading matching and netting easier for the financial institutions. SWIFT Accord is used for the mutual netting of financial deals between two banks. The reporting service offered by Accord produces reports many times a day according to the type of deals involved. These reports then can be utilized for matching and non-matching of requests. The benefit of using SWIFT to Investment managers is that it helps in increasing the efficiency and the various operational processes. While using SWIFT, investment banks and managers should consider two factors – fiscal advantages of using SWIFT and the security offered by SWIFT. Since SWIFT has become the standard for the purpose of processing financial communications, many other networks support SWIFT. In case of a single standard, automated reconciliation is possible with the assistance of rule based systemic approach. This reduces the manual activities which were initially a cause of error. Also, SWIFT cuts down the quantity of proprietary custodian terminals by a single gateway that is capable of communicating numerous clients at a time. By using SWIFT, investment banks and managers do not need to use any other external supporting network like GTE, TELNET. Also, this reduces the cost of maintaining the numerous support systems to these networks. Moreover, SWIFT offer real time information to investment managers on cash positions, trade data and lending deals with all their clients and brokers. Also direct communication services through SWIFT to selected agents in some countries with less fail rates and easier tax reclaims is also an added benefit, (www.swift.com). To summarize the cost benefits of using SWIFT – decreased telephonic activity and Fax., Higher control of FX transactions, higher level of accuracy, reduced number of carriers and software maintenance and custodian fees. 4.0 FINANCIAL RISKS AND SWIFT Normally the risks involved in the investment industry can be divided into two - investment risks or processing risks. Since the paper studies the concept of SWIFT, this section will revolve around processing risks.  Processing risks which are caused due to trading and post trading activities, can be divided into four groups:   4.1 Securities Settlement Risk In common, these types of risks are caused due to two factors - delayed, unfinished or absent information grounds for settlement risks. The second cause is the duration of the time connecting the trade and the final settlement of the trade which amplifies the risks. Time differences, variation in technology, methodological differences, legal limitations, and range of various standards involved within financial infrastructure as some of the other causes, (Securities Operations Journal Fall, 2002). Cross-Border Risks -  There are many unproductive techniques involved in cross border trades like in-competent use of automated techniques for the support of clients and investment managers, lack of proper integration of these techniques with the system, late processing of some important and critical actions, erroneous calculations, and communication failure and delay, , (Securities Operations Journal Fall, 2002).  Since every transaction gives rise to multiple complex messages which need to be linked together and communicated in a timely and secure manner, between the manager and the custodian / client, it has been recorded that the automated systems provided by SWIFT has proved to be beneficial in this regard. Increased Global Activity - With the increase in cross-border investment activities around the globe, problems have been arising in the areas of matching, netting and settlement. As per records, an estimate of 10% of the total transaction in the year 1997 failed which was equivalent to $110 million, (Securities Industry News , 2006). Since the methods of trade confirmation and settlement techniques are different in different financial markets worldwide, use of excess paper work, different languages, time zones, market volatility and different security numbering systems are differ rent causes of the risks linked to settlement. 4.2 Risks in Forex and Cash Settlement The processing risks in this category are similar to those of securities risks along with the complex factor of risks related to forex. Since the foreign exchange settlement process takes up to four business days, the risks associated in this case could be huge for the firms dealing in this category, (Goin, 2002). In order to reduce these risks, back office procedures and risk management techniques including netting and banking procedures should be developed by banks, (as suggested by the Bank for International Settlements). SWIFT has been widely recognised in these suggestions and has brought about significant improvement in the Forex market due to its efficient automated message deliveries, fast trade settlement and confirmation transfer, speedy recognition of potential problems. The report issued by the bank for International Transactions further suggested the use of SWIFT MTx92 messages for forex transactions, and multilateral codes as developed by SWIFT, (Securities Operations Journal Fall, 2002).       4.3 Risks in Asset Servicing The risks that the investment banks and managers face in this category can be identified as follows: The risk presented in a situation where there exists a difference in records of the manager and their custodian's records as a result of which a wrong decision has been taken.  An action occurred without the knowledge of the manager or the client.   Knowledge about Mutual Funds could not be included in the routine NAV estimate can also be a source of concerns for a particular fund when customers subscribe and/or cash in at a price that is consequently determined to be erroneous, , (Securities Operations Journal Fall, 2002). The above mentioned risks can be evaded if the manager keeps a constant check on the record keeping system and is in coordination with the client for every transaction involved. 4.4 Future processing requirement risks – Finance markets all around the globe will need to make regular amendments in their financial processing systems in order to decrease their settlement cycle time and involved processes.  Managers may wait in anticipation of the concluding transition time has been set, or they can use every enhancement or substitute action as a prospect to get ready for T+1 (or even T+0). Given that the accurate processing technique has not yet been recognized for any nation, companies should not routinely alter their processing systems, however they may initiate to organize for the predictable connectivity need, and may reflect on setting up Middle ware to give support to the launching of an entirely new supple connectivity situation, (Securities Operations Forum - January, 2000). 4.5 Techniques to Reduce Risks Reducing the number of fails – This can be done in two suggested ways. The first one is to eliminate numerous entry points; the errors arising from multiple entry sources are eliminated. Use of Electronic Trade Confirmation, ETC (through SWIFT) reduces the need of communication of trade messages, which ultimately decreases the error rate of incorrect and lots messages, , (Securities Operations Journal Fall, 2002). ETC via the SWIFT network, guarantees message encryption, validation, and message authentication which offers an exceptional intensity of data protection. By implementing the ETC as a possible way of financial message communication, banks and investment managers can achieve better message safety, dependability, and precision, thereby reducing failure risks, costs and financial exposure.   Process Re engineering – This can include reducing the number of departments, people, redundant processing, and manual errors involved within the system. Modification of the business processes, work flow patterns, and sequence of events undertaken will help the processes to become faster and reliable, (Securities Operations Journal Fall, 2002).   4.6 SWIFT Initiatives to Reduce Risks Better Connectivity Real Time Processing Techniques Move Settlement Closer To The Trade Closer Integration of Trade and Settlement Processes Introduction of shorter T+1 settlement cycle In case of risks involving Cross Border companies, S.W.I.F.T. offers communication standards for securities, money management, and Forex processing. At the same time, SWIFT provides for electronic exception handling, risk management, and price cutbacks. Over 6500 financial organizations in over 180 countries employ SWIFT based standards and services, (Securities Industry News, 2004) 5.0 SWIFT AND COMPLIANCE ISSUES  The requirement to address compliance within SWIFT systems is essential. In the current operational scenario, data security and privacy is important for the members. SWIFT has been working to improve its transparency of the contracts with the member banks, so that the banks can be more transparent in processing of financial messages and data traffic to their own customers, (McIntyre, 2001). In order to restore high levels of transparency, the following initiatives have been taken up by SWIFT.  5.1 Data Protection Policy  Shortly after the 9/11 terrorist attacks in the US, the press disclosed that the CIA and US treasury department was given access to a large volume of financial data operating via SWIFT within the banking sector. This access raised a number of concerns on sharing and distribution of financial data by SWIFT. Officially, the retrieved data was for the purpose of uncovering terrorist activities, however, experts fear that the data could be used for more economically oriented purposes, (Securities Operations Forum - January, 2000). In view of this development, the EU authorities raised significant concerns about the failure of SWIFT to comply with the European regulations on data protection.  With the help of European and Non European Experts, SWIFT has re-engineering its system and has built an entirely new architecture for data protection, which relies upon the theory of a systematic copying (“mirroring”) of all the financial data and messages, (which were initially stored only in the US centre, (cause of concern for EU), are now stored in the two operational centres of SWIFT - Netherlands, and US. With the new operating centre in Switzerland, all the messages concerning EU will be stored only in the two EU centres – Netherlands and Switzerland and those of the US, will be stored in the US centre by default.  5.2 Safe Harbor Framework  Another initiative taken up by SWIFT was the clearance of the Safe Harbor Status. This framework adopted by SWIFT offers companies in the US a method to easily conform to the EU data security rules. However, this does not protect the companies from subpoenas, but it gives a guarantee that the client’s data stored in the US centre is protected under data privacy principles similar to Europe, (SOF Pricing Conference, April, 2000). As per this policy, a sufficient level of protection is offered to the process of mirroring of data in the US centre. The Safe Harbor policy covers any type of individual / personal information of clients residing in the EEA or Switzerland.  5.3 Personal Data Protection Policy  SWIFT processes personal data on the instructions of SWIFT clients and as per the rules laid down in the service document. Also, SWIFT has laid down the Data retrieval policy, which protects the personal data against any kind of illegal, accidental activity. The data security of SWIFT is based according to the ISO/IEC 27002:2005 (Code of Practice for Information-Security Management). In order to further verify the compliance with the laid down security measures and external audit of the SWIFTNet and FIN messaging services is conducted on an yearly basis, (Securities Operations Forum - January, 2000).  5.4 Compliance of UST Subpoenas  Under the Terrorist Finance Tracking Program (TFTP), that was started shortly after the 9/11 attacks, the US treasury department issues subpoenas for financial data linked to terrorist activities. In compliance with this rule, the US operating centre of SWIFT has to provide the data and comply with the subpoenas issued by the UST, (Securities Operations Forum - January, 2000).  The UST and the EU have agreed upon a set of detailed representations that describe the management and security administering the use of subpoenaed data. The subpoenas, restricted in numbers, are used stringently for terrorism activities, data are retained only for as long as necessary for counter terrorism purposes and that all data are maintained in a secure environment and properly handled. The SWIFT authority makes an assessment every year on the compliance of the US SWIFT centre with the TFTP program, (SOF Pricing Conference, April, 2000). The SWIFTNet and FIN services are required to follow the EU Data Protection Directive 95/46/EC for the exchange of data. Moreover, SWIFT and the financial institutions are jointly responsible for processing of personal data, with SWIFT as the prime care taker and the financial institutions as the secondary. SWIFT is required to work as a data controller and is under obligation to work as per the directives, which include its services to provide information, notification of processing, and offer suitable protection to the global transfer of financial messages, (Securities Operations Forum - January, 2000).  6.0 SWIFT AND REGULATORY ISSUES The recent crisis in the economic sector has sent ripples within the sector, giving rise to perplexing collection of information, conferences and proposals on as to how the industry should react to the new changes. The capacity of the suggested regulatory modifications can have a wide ranging effect as it suitably envelops the whole lot starting from the configuration of the administrative committees to the method in which the various credit rating organizations function, the processing techniques related to credit processing, to the methods in capital requirements for banks are set. Even the buy side will not remain unaffected due to the regulatory changes. However the main area of concern for the regulators in the securities industry is the hedge funds.   As per the laid down US regulation, the advisers to the private sector, (exceeding USD 30 million of management assets) are now required to make disclosures along with the regulatory reporting in regards to assets and leverage. However, the limit of USD 30 million has not been welcomed as it is able to scan smaller funds as well, not in the interest of small investors. The Congress is likely to lift this limit, thereby removing the smaller funds from the scope of the new regulation. Similarly in the European Union (EU), the new regulation regarding disclosures is already under a lot of debate. The effort on the part of the EU, to regulate the Hedge funds, and other available investment options, is views by some as a danger to financial steadiness, while other assert that such substitute regulations are merely being utilized as an alternative for the wider universal failures that will be following the financial crisis.   With the regular change being upgraded in the regulatory issues related to financial transactions and industry, SWIFT as the industry leader is trying to regularly monitor the noteworthy developments so as to timely notify its customers and be able to comply with the new standards as they are introduced, (Pang, 2004). SWIFT by ensuring this assists in optimizing the industry efficiency as far as possible.  At all times, the SWIFT authority is open to discuss the rapidly changing regulations with its members. These are related to the new enhancement made lately in the field of: Future regulatory arrangements Suggestions to augment the security of the derivatives sector Undertakings for collective investment in transferable securities (UCITS) updates Markets in Financial Instruments Directive (MiFID) updates Options for Fund Managers regarding fund investments Capital Requirements Directive issues Due to the limited length of the paper, the sections are not further studied in details.  Complete information on these regulations is available on the www.swift.com. 7.0 SWIFT’s NEW IMPROVED MESSAGING SERVICE – Distributed Architecture  The Board Committee of SWIFT in the year 2007 gave consent to a suggestion for a multi zonal messaging structure implementation in order to further enhance the organizational services. This form of distributed structure possesses larger volume processing abilities, enhanced security and system flexibility with reduced costs, (McIntyre, 2004). The first part of this architecture is planned to be initiated by 2010; the basic features are as follows: augments the core platform to communicate the messages in a Trans-Atlantic Zone and a European Zone develops higher flexibility by dropping disaster recuperation time, diminishing client impact and reduction in the threat of repair times The new distributed architecture will install a new centre in Europe that will guarantee that the delivery of intra-European FIN messages to be strictly within the EU. Also a new centre will be set up in Asia Pacific. Clients now have to set up a new SWIFTNet Link and / or WebStation patch or a minor SWIFTNet release which makes sure that the traffic is diverted in the right zonal area. In case of FIN traffic corresponding to synonym destinations, the message is stored and worked out in its own master zone. Moreover, the Trans-Atlantic centre cannot operate the synonym destinations in the EU, (McIntyre, 2004). 8.0 CONCLUSION The advantage of SWIFT to financial institutions is that they now do not need to connect to numerous external networks, at a time; rather they can employ a single route via SWIFT. This also further reduces the communication traffic and the associated costs by reducing the number of carriers to a single career. S.W.I.F.T. is a comprehensively protected communications system that wires financial messages that require a dated recognition and an assurance of deliverance. Companies that undertake huge volumes of trading messages possibly will call for this intensity of safety measures to avoid the high 'cost to carry' of failed settlements. In case of real time management of trading cash positions, repose or even cash / security lending processes, SWIFT offers instantaneous connectivity to approximately all of their prospective clients and investment banks and brokers, (SIBOS 2004). Managers supporting mutual funds that use an accountant other than their custodian bank can also benefit by send information messages about trades to the accountant on trade date to ensure accurate accounting. SWIFT also offers the prospect for the investment bankers to initiate direct communication with preferred representatives and mediators in selected countries where the settlements are sufficiently stable, and where the fail rate is low, and the processes involving the tax reclaims are uncomplicated, etc. Also, SWIFT has made trade agreements with exchanges and depositories in other nations around the globe, and it becomes easier for investment managers to communicate as regulated by the laws. The SWIFT proposes to benefit the investment managers and the whole financial industry involved in trade processing. Many firms will also be able to directly benefit from using the S.W.I.F.T. network, and the others will indirectly benefit from S.W.I.F.T.'s work by going through an intermediary, although on an increasingly automated and efficient basis. Hence it is concluded that investment institutions should definitely consider employing the standards and services offered by SWIFT. This will further help to transform the overall financial processes in an enhanced manner which wills finally result in speedy, error free and secure transactions of financial messages within the security investment industry. Easy management of cash, reduction in the number of failures and the associated settlement risk are the benefits that can be exploited by investment managers through the use of SWIFT. REFERENCES 1. Naked Short-Sale Reform: First Do No Harm. Securities Industry News , September 25, 2006 2. Expand the Role of the DTCC to Reduce Cost and Risk in the Securities Industry , Securities Operations Journal Fall, 2002. 3. STP Roadblocks and Solutions, SOF Pricing Conference, April, 2000 4. Implementing T+1 in the US (Securities Operations Forum - January, 2000). 5. STP in the Securities Industry - Part 1 of 2 , ABA Trust and Investments November, 1999 6. Securities Industry News (March 29, 2004), ISITC's Plan: Ops Seal of Approval By John Sandman 7. FAA ATM System Architecture Plan (March 26, 2004), Referencing: Middleware White Paper By Hal McIntyre 8. SIBOS 2004, Atlanta (October 12, 2004) , The future of securities trading technology - Where's the payback for automating the front office? 9. FinanceAsia.com (October 12, 2004), Asia benefits from lack of legacy, By Lotte Pang 10. Buy and Hold (2002) , Nasdaq By Linda Goin 11. SWIFT (May, 2002) , Panel: Securities industry initiatives: Too much too soon? 12. Wall Street Technology Association (2001) , Drivers and Forces for Change in the Securities Industry By Hal McIntyre 13. Securities Industry News (October 30, 2000) , Swift Migration: Gradual switch to ISO 15022 picking up steam, By John Sandman 14. www.swift.com. Read More