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Global Commercial Documents and Insurance (Essay Sample)


Access the Society for Worldwide Interbank Financial Telecommunications website. Discuss some interesting facts about SWIFT and its ever-growing importance to global supply chain networks.


Global Commercial Documents and Insurance
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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 con

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