Identification in B-SwiftFin Network
Each B-SwiftFin Participant has their own ID (network address). Participant’s BIC is used as their address (address within the SWIFT system), unless that Participant has no BIC, in which case he is given a B-SwiftFin address.
The Participant will connect to the B-SwiftFin Network via processing. Processing with your own pool of Participant’s comprises a B-SwiftFin Network segment. Processing is owned and controlled by the B-SwiftFin Provider.
For electronic document exchange between the Participants of different segments of B-SwiftFin Network, B-SwiftFin Providers establishe a connection on the basis of bilateral electronic document exchange agreements.
For the purposes of security and legal validity of electronic document flow all B-SwiftFin Participants and Providers first agree with the Global Rules of electronic document flow in B-SwiftFin Network.
Each participant uses a specialized software to interact with B-SwiftFin Network – B-SwiftFin Terminal that establishes a secure connection to the Provider for sending and receiving encrypted and signed data.
Electronic documents transmitted via B-SwiftFin can be created in a variety of ways:
- Participant’s system, e.g. core banking / ERP / treasury / accounting system
- Terminal’s web-interface
- Integrated B-SwiftFin software, e.g. a 1C electronic banking module
- Integrated bus of a participant
Scheme of integration of the Terminal with the Participant’s system during the electronic document exchange is depicted below:
That said, the Terminal allows you to create / import documents from other systems in various formats, including SWIFT Fin and ISO20022, check the document for mistakes, sign, encrypt and send the document to the processing.
That said, the document can be signed both in the Terminal and in the participant’s system.
The Terminal boasts a convenient web-interface, which has little to no difference from the accustomed interface of electronic banking systems.
The Terminal has different user and signature access layers, which allows the customers to implement their local business rules and satisfy needs of the most companies.
The document acceptance includes the opposite routine: processing e-signature check, document decryption, check of e-signatures below the document and forwarding of the document to the special catalogue / accounting system of the receiver, depending on the settings.
The scheme of document exchange via processing is depicted below:
Along with the Terminal comes a B-SwiftFin customer application called Message Router, which allows you use B-SwiftFin and SWIFT in parallel. This feature is mostly for banks that exchange data using both B-SwiftFin and SWIFT. Scheme of Message Router operation is illustrated below:
If a certain message type is supported by B-SwiftFin and if the receiver of such a message is within B-SwiftFin network, Message Router will forward that transaction to the B-SwiftFin Provider who is within the country borders, which will come at a much lower price.
In case the required message type is not supported yet within B-SwiftFin network, or the payment receiver is not connected to the B-SwiftFin network, further transaction actions are done via SWIFT.
In case a new message type is developed or a new member is admitted, Message Router’s database is updated remotely.