ON THE END OF B-SWIFTFIN 2017-11-01T05:18:15+00:00

B-SwiftFin Network

B-SwiftFin Network consists of unlimited number of B-SwiftFin participants that are using B-SwiftFin Platforms for their electronic document flow. B-SwiftFin Platform is set up at the purchaser’s area and is independent from B-SwiftPlat company. B-SwiftFin Provider can serve banks and their customers both in the regions of their presence and within a specific bank or corporate group.

Banks, corporate customers, exchanges, brokers, state structures and other types of organizations can become B-SwiftFin Providers or Participants. Each B-SwiftFin Participant gets his own unique identifier (unless he is a participant of SWIFT) or SWIFT identifier is used.

Reference of B-SwiftFin Participants is distributed on regular basis to each Participant and is updated automatically. B-SwiftFin identifier is unique not only within the scope of a certain B-SwiftFin Provider but within the entire B-SwiftFin Network. That said, Participant with a certain identifier can be connected to one provider only, which ensures B-SwiftFin Network integrity.

Capability to support multiple providers

B-SwiftFin Providers can be connected with each other by different ways. Some of examples are presented below:

With each other

Route of the document along with a sender’s signature is logged to every B-SwiftFin Provider that participated in its delivery. Thus, each participant of the information exchange process during any transaction has comprehensive legally valid electronic documents (automatic logging of all transactions).

Through the jointly chosen central B-SwiftFin Provider

For instance, any major bank group can become a B-SwiftFin Provider and combine its subsidiary organizations, correspondent banks and customers. At the same time, to exchange data between participants of different bank groups all providers sign an agreement with a uniform provider (e.g. Central Bank) who will be responsible for message routing between B-SwiftFin Providers.

On one hand, such network topology significantly simplifies organization issues related to establishment of relationship between the Providers and allows the Providers to interact through the uniform organization (central provider) which all of them trust. On the other hand in case of technical issues at the end of the main Provider, interaction between the network Participants will be interrupted.

Through the group of interconnected B-SwiftFin Providers

This way of network organization has an improved resilience in spite of complicated organization processes related to relationship development and contract signing between B-SwiftFin Providers. In case of any technical issues at the end of one or several providers, interaction between other B-SwiftFin Providers will remain intact.

Interaction with SWIFT

B-SwiftFin Participants are also able to interact with other counterparties that are using SWIFT. One of the examples of such interaction is illustrated below.

That said, B-SwiftFin allows its participants to interact via SWIFT if receiver of the message has not joined B-SwiftFin Network yet or type of the transmitted message is not yet supported by B-SwiftFin.

Also, clients of the Platina Bank (B-SwiftPlat settlement bank) can use B-SwiftFin to send messages, which are then directed by the Platina Bank to SWIFT. On one hand, that approach enables small banks to keep low costs while joining SWIFT, on the other hand, it allows them to exchange information with a reliable