Technology In International Banking

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a secure messaging network used by banks globally to transmit payment instructions and financial messages. It enables standardised, authenticated communication between financial institutions across borders.

Single customer credit transfer for cross-border payments.

ISO 20022 is a global standard for financial messaging that provides richer, structured data for payment and settlement messages. It is being adopted worldwide to replace legacy formats like SWIFT MT messages, enabling better straight-through processing and compliance screening.

To improve speed, transparency, and end-to-end tracking of payments.

RTGS stands for Real-Time Gross Settlement, a system where interbank transfers are processed individually and immediately without netting. It is used for high-value cross-border settlements to reduce settlement risk in international transactions.

Legal Entity Identifier uniquely identifies parties in financial transactions.

A correspondent banking relationship is an arrangement where one bank (correspondent) provides services on behalf of another bank (respondent) in a foreign country. It enables banks to conduct international transactions and access foreign payment systems where they have no direct presence.

International Bank Account Number; standardizes account identification globally.