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Swift In Bd

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Swift In Bd

S.W.I.F.T. is a pioneer in the automation of the global financial industry, founded in 1973. SWIFT is a global provider of secure financial messaging services. SWIFT was founded to replace the telex. It is a member-owned cooperative connecting more than 10,000 banks, financial institutions and corporations in 210 countries. SWIFT operates internationally with 23 offices located in major financial centers and is headquartered in Belgium. In 1973, the bank-owned cooperative has achieved its first mission - to standardize and automate international payments messaging for the benefit of banks throughout the world.


SWIFT in Bangladesh:

In the year 1996 Bangladeshi 07 banks become SWIFT Member and starts using SWIFT for foreign payment settlements. After then in the year 2000 more 10 banks become SWIFT member and start using SWIFT operation. Now 48 banks in Bangladesh is the Member of SWIFT and using SWIFT for the foreign payment and settlements.

SWIFT activities in Bangladesh:

SWIFT member banks using SWIFT financial (FIN) related authenticated messages for Customer Transfer (MT 103, 195,196 8.Igg),Institutional Fund Transfer (MT 200,202, 299), Foreign Exchange, Money Markets & Derivatives (MT 300, 399), Collection and Cash letters (MT 400,499), Documentary Credits (MT 700, 707,730,740,760,799), Cash Management and Customer status (MT 910, 940,950,999).

  1. Discuss and influence key areas of SWIFT strategy, from regulatory and resilience issues to corporate access and reference data
  2. Arrange quarterly Banking & Payments Committee meetings to discuss a wide range of strategic and policy matters associated with the banking and payments components of SWIFT's business
  3. Create specific product and advisory groups such as
  4. Meet and network with SWIFT members on a regular basis to share strategic and operational views
  5. Keep up to date with developments and trends in national and international markets.

Promote to use other SWIFT services:

Our member banks using only FIN related messages. To get the better benefit of SWIFT the member banks should take the necessary steps to automate the SWIFT system with their Core Banking Software (CBS) and use Bulk Data Exchange service, Interactive Services. SWIFT Member & User Group of Bangladesh will guide the member banks to use the other services, which is beneficial for our banking industries.

Research & Development Activities:

Our R&D team will develop new product by our local resources for:

  • National Financial Payments & Settlements
  • Central Database for Credit Reports of local consumers / clients
  • Central Service Center for Credit reports of International consumers / clients
  • Central database for Sanctions list circulated by the countries all over the worlds for protecting terrorist financing

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