SWIFT may report non-compliant banks: Company's India CEO Kiran Shetty

Business standard : The fraud at Punjab National BankBSE -1.58 % (PNBBSE -1.58 %) is reported by the lender to have been committed by a deputy manager who sent unauthorised messages through the SWIFTBSE 1.04 % messaging system.

In an interview with TOI, SWIFT India CEO Kiran Shetty explains how weakness in an institution’s local environment can be used by fraudsters. Recent incidents have taken place because lenders have ignored SWIFT requirements of a controlled framework securing the bank’s end-to-end transaction ecosystem, including payments, securities, trade and treasury. From next year therefore, SWIFT has said that it reserves the right to report to the supervisor banks that do not confirm full compliance.

What is SWIFT and who are its users ?

SWIFT is a global member-owned cooperative that is headquartered in Brussels, Belgium. It was founded in 1973 by a group of 239 banks from 15 countries who formed a cooperative utility to develop a secure electronic messaging service and common standards to facilitate cross-border payments. SWIFT carries an average of approximately 26 million financial messages each day. The majority of SWIFT system customers are banks, but it is also used by asset managers, broker dealers, market infrastructures and corporates.....

Comments

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...

PSU bank employees go on two-day strike; services hit at many places

Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual. Public sector lenders, including State Bank of India, had informed customers that services in their branches might be affected due to ...

Mi Notebook Ultra review: Xiaomi energises the boring consumer PC segment

The Mi Notebook Ultra challenges the conventions set by the legacy consumer PC makers by democratising features and specifications usually seen in laptops that cost almost twice as much I was planning to buy a midrange laptop and was amazed to see that every other legacy brand in the consumer PC market had products with similar features and specifications. Blame the oligopoly, but as a consumer I was almost convinced that the product offerings by the legacy PC makers were the best available in the market. And then was released the Mi Notebook Ultra by Chinese technology company Xiaomi. A premium laptop, the Mi Notebook Ultra challenged the conventions set by legacy consumer PC makers by democratising features and specifications usually seen in laptops that cost almost twice as much as the top-end model (review unit – Rs 76,999) on offer here. Starting with the design, the Mi Notebook Ultra boasts a unibody made of series 6 ...

Budget 2018-19

Search This Blog