What are FileAct messages?

FileAct provides a cost-effective way to transfer large volumes of data in different formats to your correspondents. Whether you need to transfer mass payments information, documents, images, or other data, FileAct provides you with a single channel to your correspondents around the globe.

What is InterAct and FileAct?

When you use the InterAct or FileAct protocol to transport messages to and from SWIFTNet, the SWIFTNet MEFG Server serves requests and receives messages to and from SWIFTNet, through a client application and a server application that communicate with the SWIFTNet network through the InterAct protocol.

What is the difference between FileAct and InterAct?

SWIFT Interact is designed for solutions where a real-time gross settlement system is in play, better known by its acronym RTGS. This type of processing is near real-time processing. In the US the FedWIRE for example is an RTGS solution. The SWIFT Fileact is used for time-insensitive processing, i.e. batch processing.

What is SWIFT file act?

SWIFTNet FileAct provides secure and reliable transfer of files, such as batches of structured financial messages or large reports. Typical applications include repetitive credit transfers such as pension or salary payments, securities value-added information and reporting, and regulatory reporting.

What are the different types of SWIFT messages?

SWIFT groups message types into the following categories:

Customer Payments and Cheques.
Financial Institution Transfers.
Treasury Markets: Foreign Exchange and Derivatives.
Collections and Cash Letters.
Securities Markets.
Treasury Markets: Precious Metals and Syndications.
Documentary Credits and Guarantees.

How do you read a swift message?

SWIFT Message Structure: Basic Header Block

{1: – Identifies the Block – i.e. the Basic Header Block.
F – Indicates the Application Id – in this case, FIN.
01 – Indicates the Service Id.
YOURCODEZABC – The Logical Terminal Address – which is typically your BIC 8 (YOURCODE) + Logical Terminal Code (Z) + Branch Code.

What is payment Clearing?

In banking and finance, clearing denotes all activities from the time a commitment is made for a transaction until it is settled. This process turns the promise of payment (for example, in the form of a cheque or electronic payment request) into the actual movement of money from one account to another.

What are the different types of Swift messages?

What do Swift messages look like?

SWIFT messages consist of five blocks of data including three headers, message content, and a trailer. Message types are crucial to identifying content. All SWIFT messages include the literal “MT” (message type/text). This is followed by a three-digit number that denotes the message category, group and type.