KB889466: Common Data Fields of SWIFT Message

Introduction

Before making a wire transfer, it's necessary to understand technical backgrounds involved in these kinds of transaction. Understanding the comcepts of wire transfers will give Li Ao an opportunity of not only having the ability to interpret details of different kinds ever existed from business acceptance at bank branches to different information fields on banking systems, but to having a complete dipiction of transaction which reduces potentioal risks from happening and to guarantee a seamless transaction.

Because Li Ao needs to pay the invoice of an educational institution within 14 days from its issuance, he needs to speed up the process of learning sophisticated but useful concepts which will support for his transaction with the bank. The importance of learning these concepts arises for him, as living in China service personnels of the bank usually have lower education levels and are more likely to make mistakes which are unacceptable.

Symptoms

Li Ao needs to ensure the following:

• Information of ordering customer and beneficiary (the payee) will be recorded correctly to ensure well documentations on both sides of the payer and the payee.
• Technology that will be used in the transaction is known to him.
• Wire transfer transaction placed by him will follow any industrial practices and international regulatory rules.
• Payee will be satisfied with obligatory payment deadline being well-uphold.
• Bank institutions conducting this time of business will be educated with modern knowledge in communication with Li Ao.
• If possible, original technical data in the finalized transaction will be obtained for further documentation purposes.

Solution

Based on past interactions with Copilot and information published on the Internet, Li Ao acknowledged the following concepts:

1. Name of technologies wire transfers currently conducted by banks in China will be using;
2. Machine-readable message format of transportation during in SWIFT remittance transactions, its usage, and procedure of data being added to the message during transaction;
3. State-of-the-art designs of the new technology SWIFT BPI and its usage at Bank of China nationwide in China, and differences between traditional SWIFT remittance and remittance making use of this technology;
4. Common bank practices of processing customers' remittance orders, including the batch processing of customers' orders which has been widely used globally;
5. China's nationwide foreign exchange regulations including its practice framework regulating international fund transfers from domestic individuals and entities.