Global Commercial Documents and Insurance

Global Commercial Documents and Insurance Author's Name: Institutional Affiliation: Date: Global Commercial Documents and Insurance Facts about SWIFT The Society for Worldwide Financial Telecommunication (SWIFT) is a platform which supports a network that facilitates banks and other financial organizations around the globe to conduct financial transactions in a reliable, standardized, and secure environment CITATION Jav15 \l 1033 (Pérez-Tasso, 2015). Additionally, SWIFT offers services as well as selling software programs to financial organizations. Moreover, SWIFT provides a network mainly used by majority of financial institutes such as interbank messaging. One interesting fact about SWIFT is that it helps in transmitting commercial messages through a safe, secure, and standardized way without keeping members’ accounts, perform their settlement or clearing forms. Secondly, the Society for Worldwide Interbank Financial Telecommunication does not aid in the transfer of funds: instead, it enables banks to transmit payment orders which are then settled by the accounts in the banks’ correspondent institutes. Thirdly, SWIFT provides messaging solutions for treasury and forex exchanger CITATION SET19 \l 1033 (SHOBHIT, 2019). It enables organizations to manage their treasury operations, which in effect facilitate reliable settlement, enhanced straight-through processing, and timely reporting. SWIFT uses standardized industry messages which charge relatively lower operational costs compared to existing infrastructural rates. The network supports contemporary programming languages such as Generics, Closures with Functional Pointers, and functional programming patterns CITATION Jon11 \l 1033 (Ashton, 2011). The platform also facilitates and supports three different access control protocols for symbols which include private, internet, and public. The Society for Worldwide Interbank Financial Telecommunication is also compatible for use with products such as OSX 10.9 and IOS7 and others.  Importance of SWIFT to Global S...