I was wondering how transactions are processed in the SWIFT (and also in the SEPA) system.
After watching this talk, I got a quite good idea, how SWIFT payments are working: https://media.ccc.de/v/33c3-8315-a_world_without_blockchain
At 18:10 he shows the routing table for SWIFT payments as of 1987.
It was called "The Bankers' Almanac".
After searing on Google I could find the Bankers Alamnac on this website: Accuity | Data & software to control financial risk, compliance & payments
Unfortunately there is a login required and I could not find any way to sign up. I think it may be limited to banks only.
Nevertheless, maybe anybody knows another way to find the routing table.
My first question is especially:
If I send let's say Australian Dollar from HSBC Singapore to EPB in Puerto Rico, which banks will be involved for this transaction?
Is there any possibility to get this information apart of looking for the correspondence banks on the EPB website?
Many banks do not publish their correspondence relationships.
That may be very interesting, if you try to transfer money offshore, but the money might pass through your home country.
The second thing, which is not clear for me:
If I do SEPA transactions, it is quite different.
The banks usually are working with clearing companies for payments less than 50.000 €.
As far as I can see: Usually every SEPA member has a local clearer and there is the STEP2 clearer for international payments.
So, if I transfer money from BGL BNP Paribas in Luxembourg to Banque Raiffeisen in Luxembourg, will the payment go through the the domestic clearing (Banque centrale du Luxembourg) only?
Or will STEP2 be involved, too?
Am I right, if I say for a transfer from BGL BNP Paribas in Luxembourg to Mistertango in Lithuania, the money (or at least the records) will take this way:
BGL BNP Paribas -> Banque centrale du Luxembourg -> STEP2 -> Bank of Lithuania -> Mistertango
What is the case for SEPA-payments over 50.000 €?
Does anyone have a few insights and can enlighten me?
After watching this talk, I got a quite good idea, how SWIFT payments are working: https://media.ccc.de/v/33c3-8315-a_world_without_blockchain
At 18:10 he shows the routing table for SWIFT payments as of 1987.
It was called "The Bankers' Almanac".
After searing on Google I could find the Bankers Alamnac on this website: Accuity | Data & software to control financial risk, compliance & payments
Unfortunately there is a login required and I could not find any way to sign up. I think it may be limited to banks only.
Nevertheless, maybe anybody knows another way to find the routing table.
My first question is especially:
If I send let's say Australian Dollar from HSBC Singapore to EPB in Puerto Rico, which banks will be involved for this transaction?
Is there any possibility to get this information apart of looking for the correspondence banks on the EPB website?
Many banks do not publish their correspondence relationships.
That may be very interesting, if you try to transfer money offshore, but the money might pass through your home country.
The second thing, which is not clear for me:
If I do SEPA transactions, it is quite different.
The banks usually are working with clearing companies for payments less than 50.000 €.
As far as I can see: Usually every SEPA member has a local clearer and there is the STEP2 clearer for international payments.
So, if I transfer money from BGL BNP Paribas in Luxembourg to Banque Raiffeisen in Luxembourg, will the payment go through the the domestic clearing (Banque centrale du Luxembourg) only?
Or will STEP2 be involved, too?
Am I right, if I say for a transfer from BGL BNP Paribas in Luxembourg to Mistertango in Lithuania, the money (or at least the records) will take this way:
BGL BNP Paribas -> Banque centrale du Luxembourg -> STEP2 -> Bank of Lithuania -> Mistertango
What is the case for SEPA-payments over 50.000 €?
Does anyone have a few insights and can enlighten me?