Millionday Wednesday Night News April 9, 2014
[millionday] today the information was brought in by GRRR about the swift codes -- all of those that dont remember or were not invested at that time know that it has been a while since the announcement of the swift code placement going on were very exciting ans we will discuss why
[millionday] the thing is this for those of you that have not been following this from before
[millionday] each bank that does international banking or in a summary and kind of shortened way -- can do any kind of electronic banking are given these identification numbers
[millionday] when the report came out concerning the beginning of the swift codes -- we danced in the streets
[millionday] so lets look at what we have now
[millionday] also they have meaning in those codes -- each digit represents one meaning or the other --we have an explanation we will look at but know this - when we looked at them before -- representative of a portion of the code was "xxx" - not anymore - brb with some of this info
[Imperator] The SWIFT network is a messaging infrastructure, not a payments system, which provides users with a private international communications link among themselves. The actual funds movements (payments) are completed through correspondent bank relationships, Fedwire, or CHIPS.
Movement of payments denominated in different currencies occurs through correspondent bank relationships or over funds transfer systems in the relevant country.
In addition to customer and bank funds transfers, SWIFT is used to transmit foreign exchange confirmations, debit and credit entry confirmations, statements, collections, and documentary credits.
[millionday] we are not going to fly through this so those of us that are not familiar with banking the point is made to us all - international banking can be tricky so this will help
[millionday] SWIFT code is a standard format of Bank Identifier Codes (BIC) and it is unique identification code for a particular bank.
These codes are used when transferring money between banks, particularly for international wire transfers. Banks also used the codes for exchanging other messages between them. The SWIFT code consists of 8 or 11 characters. When 8-digits code is given, it refers to the primary office.
[millionday] note -- this is simply stating that each digit means something
[millionday] the reason that we as a researching group are excited is that these codes are complete for Iraq - here comes more - this is the explanation of the code
[millionday] First 4 characters - bank code (only letters) Next 2 characters - ISO 3166-1 alpha-2 country code (only letters) Next 2 characters - location code (letters and digits) (passive participant will have "1" in the second character) Last 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)
[millionday] now when the beginning happened and they only had he three XXX
[millionday] so lets look at this
[millionday] Currently, there are over 7,500 “live” SWIFT codes. The "live" codes are for the partners who are actively connected to the SWIFT network. On top of that, there are more than 10,000 additional codes, which are used for manual transactions.
These additional codes are for the passive participants. The registrations of SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) and their headquarters is located in La Hulpe, Belgium.
SWIFT is the registered trademarks of S.W.I.F.T. SCRL with a registered address at Avenue Adèle 1, B-1310 La Hulpe, Belgium.
[millionday] welcome to all that have just come in
[millionday] The registrations of SWIFT Codes are handled by Society for Worldwide Interbank Financial Telecommunication (“SWIFT”)
[millionday] now that the info is over and the exciting part is coming up -- get ready
[millionday] here is the example of the first list on the formal
[millionday] 1 ABU DHABI ISLAMIC BANK BAGHDAD ABDIIQBA 2 AL BARAKA TURK KATILIM BANKASI A.S. ERBIL BRANCH ARBIL BTFHIQBA 3 AL RAFIDAIN BANK BAGHDAD RAFBIQBA 4 AL-BILAD ISLAMIC BANK FOR INVESTMENT AND FINANCE BAGHDAD AIIFIQBA 5 AL-HUDA BANK BAGHDAD BHDAIQBA 6 AL-IRAQIA FOR MONEY TRANSFER CO. BAGHDAD IRAQIQBA 7
[millionday] the name of the bank and the code - there ar 57 that are able to have a code due to standards but - do you see this code for iraqi bank codes ? smile -- here is what it is
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[millionday] whoooopow - now it has been a while since the beginning of this project and now they have an Iraqi swift code implying business and that is huge huge woooopow
[millionday] i have to say the investment bank is also outside of Iraq by base ] this is absolutely huge news
[millionday] The United States hosted a top level Iraqi interagency delegation to participate in the March 3-7 Iraq Business Week activities in Washington D.C. Iraqi Deputy Prime Minister Rowsch Shaways led a 30+ member public and private sector delegation to network with scores of major U.S. firms and explore expanding business opportunities in Iraq, now the United States' 27th largest goods trading partner.
The delegation – which included Iraq’s Minister of Trade and the Chairman of Iraq’s National Investment Commission – addressed trade and investment challenges in Iraq, and discussed external financing options and their potential to assist in Iraq’s development.
The trip culminated with a Ministry of Trade delegation visit to Houston, TX to explore establishing a trade facilitation office, and travel by the Deputy Prime Minister to New York City where he met with a number of additional U.S. firms.
[millionday] development bank swift cones to this >>>> http://totalannuityrates ··· 04&gid=1
[millionday] so this is great great news fo this to be done and prepared
[millionday] ok sorry that took so long - smile brb with more
[millionday] even though this is late -- this is development during the wto issues and workshop lol
[millionday] here we go - i am trying to find the most important to us right now
[millionday] - ruled out the decision of the House of Representatives Muhammad Al-Khalidi approving the budget, pre-election, while noting that the government is not serious about amending paragraphs to use tool to pressure the Kurdistan Alliance.
and said Khalidi in a press release, that the government is not serious about amending paragraphs contained going forward to use as a tool pressure on the coalition Kurdistan, ruling approval before the election.
added Khalidi, the government sent a late budget, as well as to contain the problems is not the prerogative of the House of Representatives adjusted.
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