Economics / 2. Finance and Banking
Master of 1 course
Zadereyko Olga
Institute of Energy
IrGTU
Community Worldwide Interbank Financial Telecommunications – SWIFT.
Society
for Worldwide Interbank Financial Telecommunications (SWIFT) was created in
1973 to organize a high-tech and safe system for the transmission of financial
messages is between the banks. Beginning with 1987. Access to SWIFT received
non-bank institutions (stock exchanges, brokers, etc.).
Under
the Charter of SWIFT (Society for Worldwide Interbank Financial
Telecommunication - Society for Worldwide Interbank Financial
Telecommunications), in each country represented in the Community, to create a
national group of SWIFT members and SWIFT User Group, which unites all network
users. In the Russian Federation, an organization representing the interests of
both groups and acting on their behalf, is the Russian National Association of
SWIFT (ROSSWIFT), which was established in May 1994 and is a non-governmental,
non-profit organization [1, p.20].
In
December 1989, Vnesheconombank became the first financial institution in the
territory of the former USSR, is connected to SWIFT. By 1992, the member of SWIFT
in Russia have become three of the bank, and then began an active connection
the Russian users, and by early 1998 their number exceeded two hundred. The
crisis of 1998 reduced the rate of involvement of some Russian credit
institutions of SWIFT, however, since 1999 the number of Russian Internet users
is increasing steadily.
Currently,
more than 500 leading Russian banks and companies are the users of SWIFT.
Locations covers more than 50 cities in 10 time zones of the Russian
Federation. The SWIFT represented almost a third of Russian banks, which are
major financial institutions of the country and carried out more than 80% of
payments. By the number of SWIFT users Russia ranked 2nd after the United
States. The supreme body of the Association is the General Meeting. In between
leadership meetings is carried out by the Association Committee. The Committee
is elected by the Assembly from among the members of the Association in
accordance with the principles approved by the Assembly. The Committee is chaired
by the Chairman of the Committee ROSSWIFT.
ROSSWIFT
is a member of the European SWIFT Alliance, which brings together 25 countries
in SWIFT, which accounted for 25% of world traffic. Membership in this
association gives Russia the opportunity to influence the adoption of certain
decisions of the Board of Directors SWIFT.
Currently,
about 500 banks, financial institutions and corporations are users of the
Russian SWIFT, so that our country holds second place in the world in the
number of users SWIFT (after the US). The growth of the total traffic of users
in Russia over the past 5 years is much higher than the growth of total world
traffic SWIFT.
SWIFT,
according to the Bank of Russia signed a "Memorandum of
Understanding" is involved in the creation of the national gross
settlement system in real time (RTGS system of the Bank of Russia), bringing
her own international experience in building modern payment systems [2, p.3].
SWIFT
also supports the creation of a unified system of electronic document circulation
in the Russian stock market. In 2006, the agreement was signed between the
Federal Service for Financial Markets of Russia (FSFM), SWIFT on cooperation in
the use of international standards of financial messages participants of the
Russian stock market. In accordance with this agreement involves the expertise
of SWIFT infrastructure to build a central depository on the securities market
in our country [3, p.150].
On
the basis of SWIFT payments system implemented more than 50 countries,
including the payment of all the EU countries, as well as infrastructure
projects such as the European cross-border payment system TARGET, global
exchange of CLS and others.
It
is crucial that members of the "Big Seven" industrialized countries,
five states - Britain, Germany, Italy, Canada and France - have built a
national payment system based on a network SWIFT. At the same time among the
countries that have chosen SWIFT as the infrastructure for the implementation
of the payment system, there are those who have recently created their own
settlement network: Bosnia and Herzegovina, Latvia, Croatia. Separately, it
should be noted Azerbaijan - the first CIS country to create a national payment
system based on SWIFT.
International
experience shows that the use of SWIFT as the infrastructure for the creation
of a national payment system is cost-effective and efficient solution to
minimize the computational and technical risks. In addition, national payment
systems based on standards-based network and SWIFT, are transparent and integrated
into the major international payment systems.
References:
1.
Beloglazova O. Banking. M .: FIS. 2007.
2.
Instruction of Bank of Russia from 14.01.2004 ¹ 109 "On the Procedure for
the Bank of Russia decision on the state registration of credit institutions
and issuance of licenses to conduct banking operations."
3.
Pechnikova AV, Markova OM Starodubtseva EB Bank operations. M .: INFRA-M 2007