SPP Transmission Method or Sequenced Packet Protocol:
SPP is a Xerox Network Systems (XNS) protocol for sequenced and connectionless packet delivery support. It is a network transport protocol providing reliable packet delivery with flow control.
SPP is similar to Transmission Control Protocol (TCP)
A key technical difference is that SPP packets count sequence numbers but not bytes.
SPP manages several functions. It uses destination identification (ID) numbers for transport link target end definition.
It also uses sequence numbers for transmitted and sequenced packet maintenance. SPP acknowledges allocated numbers for previous packets, which ensure destination reception alongside indicating successful transmission completion.
FX4 Cash strongly integrates with Deutsche Bank’s existing client access channels, extensive reach to global payment and clearing systems, as well as leading FX trading infrastructure to provide you with a one stop solution for your cross-border currency and worldwide payments.
FX4 Cash is a platform that provides an automated solution for handling global cross- currency payments, whether large or small, recurrent or infrequent.
FAST (Fast And Secure Transfers) is a new electronic funds transfer service that enables customers of the participating banks to transfer funds from one bank to another in another country or continent almost instantly. You no longer need to wait up to three working days for funds to be transferred between participating banks.
FX4 is a currency change method that is used to prevent money laundering in each continent.
In the FX4 currency transfer method, if the origin and destination are on a continent, the return location should be changed by another currency unit. But if the origin and destination of the two different continents, in this way, there is no need to change the currency.
KTT – NETSWIFT
This procedure is in the form of “Cash and Credit” server in which a manual download method is used, and the bank must be able to execute its instructions.
Moreover, the bank must be equipped with one of the following two systems.
In Key Tested Telex (KTT), the work starts when the sending Bank and the receiving Bank send a Telex message, and the receiving Bank must turn on its telex. When they are communicating via telex,
a secret telex code is created for making a secure domain between two officers, and the action of transferring currency between two banks is done with it. Unfortunately, very few banks have the ability
to receive KTT which is normally in countries like Russia (Zaman Bank of Azerbaijan) Litovany’s Barclays, Turkey’s Bank of agriculture, Australia, etc.
the Swift international payment network is one of the largest financial messaging systems in the world. Transfer Wire can send or receive certain currencies via SWIFT payment.
Generally, if you’re sending money through your bank, then payment for a wire transfer is simply deducted automatically from the account from which the transfer funds are withdrawn.
SWIFT transfer methods:
1- Bank transfer SWIFT WIRE
2- Transfer SWIFT WIRE server
- It is in the form of an international agreement, and the receiving bank must definitely send the final confirmation to the sender and the sending bank.
- In the Server SWIFT wire, the following procedure should be done. Manual downloading is possible by two systems which are “Manual Mir & Mor system” and “Manual aliens 1&2 system”. All codes are entered into the TRN bank by sending MT103 and MT202, and the officer must enter all codes manually and transfer the money from the bank’s common account to the receiver’s account.
The definition of SWIFT:
SWIFT is an international interbank financial network which offers special and services through computer centers around the world.
SWIFT is a network that currently transfers financial messages between members and other users in 607 countries. Individuals can do their payments by institutions that use SWIFT. Sending SWIFT messages can confirm the details of the contracts between two users or convert foreign currencies.
The primary objectives of the creation of SWIFT was replacing non-standard paper communication methods or the transmission of messages by Telex internationally with a universal standard method. From the beginning of SWIFT’s establishment, it has undergone a major shift in its methods and mechanisms.
Advantages and importance of SWIFT:
- It is standard.
- Low cost
History of SWIFT:
Albert Prince of Belgium sent the first message via SWIFT with 6033 words. Its headquarters are in Belgium. Meanwhile, countries in the US, the Netherlands, Hong Kong and the UK operate as customer service centers. SWIFT has a SAP in all countries which is controlled by the SWIFT center.
It should be noted that the cost of using SWIFT is counted based on 118 Euro.
IPIP – STOS – IPID
The transfer of all huge financial resources of the world is done by servers in virtual banking. E-Banking, in which the server is connected to the common account of the bank, is used in server method.
The currency transfer method is done by servers that the money from the common account of the Bank is entered into the receiver’s common account, and it is uploaded or downloaded by the sender or receiver’s officer.
In the IP/IP method, the entry of the currency into the receiver’s server is uploaded. In the IP/ID method, the entry of the currency into the receiver’s server is downloadable. In the StoS method, the currency exchange is run in the form of a launcher with Windows time which was sent by the receiver’s officer who has a full control on his server. This method is less secure because it may not be possible to place the box or capsule on the server line when it is launched.
When the transfer of currency has a very high volume, in other words, it is considered to be the backbone of the currency exchange, due to the fact that the receivers cannot upload or download the money of the Fund, this action is carried out by the Fund’s officer, who is the Head officer of the server in the world’s prime banks, and the server line of the receiver must be open. There must be no obstacle on the path of the server’s money transfer, so numeric characters can easily be replaced and sent to receiver’s server as good as possible.
- In the IP/IP method, all the necessary facilities are sent to the receiving Bank for conversion of the box or capsule into the currency.
- In the IP/ID document method, the money is provided by the receiving Bank, and only the perfect money and numeric characters are sent by the sender.
- Sometimes currency exchange procedures can be carried out by DTC (Digital Transfer Central). In other words, it is transferring currency to the central bank’s common account.
- Sometimes the method of transferring money is Legion-to-Legion, Officer-to-Officer or Bank-to-Bank. In these ways, the sender and the receiver have no role in arranging the contracts and essential guarantees, and only the officers of two banks communicate with each other. Furthermore, all stages of the currency transfer are carried out from A to Z.
All banks (or companies) must have the following features to receive currency:
- The server connected to the common bank account.
- The server’s Head Officer or an officer who is familiar with downloading or uploading server’s currency.
- License and authorization of the money tasers inside the server band.
- The amount of the accepted input currency.
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