An Interactive Information System For Preparing A Proper SWIFT Message Using Windows Facilities

Abstract

Documentary credits, as known today, have been a means of international payment since the middle of the 19th Century. They facilitate international trade by providing a secure method of payment, under rules formulated by the International Chamber of Commerce (ICC). Accepted virtually worldwide, the Uniform Customs and Practice for Documentary Credits (UCP) are currently in their Revision 500 issued in !993.

Banks play an important role in international trade as being the most secure method of payment. The bank issued an irrevocable undertaking to the seller (by order of the buyers) that the documents which will be presented in accordance with the terms and conditions of the undertaking will be honoured by the bank notwithstanding the financial situation of the buyer.

Any inter-bank correspondences must be signed in order to know whether the issuer of the document is the person who is entitled to do so or not. When dealing with banks outside the country it is not easy to send the signed papers (document) to the other bank through the mail as it will take a lot of time, but we can send them a tested telex.

For the purpose of exchanging the test between banks, every bank has a group of correspondents with which he holds test key arrangements. Each of the two banks has a table containing the secret number for the various amounts, dates and currencies. The sender calculated the test and put it in the transmitted message.