Inward/Outward Remittances:

Inward/Outward Remittances:

SWIFT:

NBP uses a software SWIFT for remittance. This software uses for communication in international banks. Usually insert a swift code and convey message. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. The system has built-in features of computerized test keys, which eliminates the manual application of tests that often cause delay in the payment of home remittances.  All NBP overseas branches and overseas correspondents are drawing remittances through SWIFT. The system works like Internet communication processes. All the banks in the world are registered for the service, which have the facility of online computers. The sending process is more secure where two officers make the transmission of the message, one types the content with his code word and the other executes it with his password.

It uses for following purposes:

      Financial transactions

      Non-financial transactions

      Linking

      Import & export messages

Some codes are:

      Letter of credit code is 700.

      Letter of credit amendment code is 707.

      Remittance code is 100

      Bank to bank transaction code is 202.etc.

Procedure:

When any massage comes through swift 1st its received by head office then head office authority send that massages to different banks via mail to main branches of relative banks.