CITI TRANSACTION SERVICES

SWIFTNet™ Facilities

SWIFTNet™ allows you to do business in an environment that combines the security of a private network with the flexibility of Internet technologies. Citi will be offering all three SWIFTNet messaging services in order to provide interactive, store-and-forward and file transfer messaging, combined with secure browsing capability.

  • InterAct provides real-time, interactive exchange of messages between parties by sending a request message to another application and receiving an immediate response message. This service is well suited for mission and time-critical applications. Designed to complement SWIFTNet FileAct and FIN, InterAct can also support tailored solutions for market infrastructures, closed user groups and financial institutions.

  • FileAct allows the automated exchange of files. It supports both interactive and an optional store-and-forward modes and is particularly suited for bulk payments, securities value-added information and reporting, as well as central-bank reporting and intra-institution reporting. SWIFTNet FileAct is recommended as replacement for the IFT service, though current pricing plans from SWIFT indicate that it will operate at a far more competitive rate.

  • Browse enables secure browser-based access to service providers' Web servers. This service enables direct access to the secure messaging features of InterAct and FileAct offering authentication, encryption and non-repudiation, as well as requests for more details or initiation of transaction based on the browsed data. Citi has not yet confirmed a strategy for the use of Browse, but that is simply a function of the priority our clients have placed on InterAct, FileAct and CUGs.

  • Closed User Groups, or CUGs, provide the ability to establish private networks either within the SWIFT community or external to it. There are many potential uses for these private networks - but the most common use currently is for local market infrastructures and their participants, typically not all of who are eligible for direct SWIFT participation. Another high visibility use of CUGs is to provide SWIFT-like security and STP to the non-SWIFT eligible corporate business community.

SWIFTNet PKI (Public Key Infrastructure) is a mandatory SWIFT product required to secure the SWIFTNet services. SWIFTNet PKI provides business applications with authentication, non-repudiation, integrity, confidentiality and access control capabilities.

The Citi SWIFTNet Global Project Team is in the process of training our sales and account management staff in the details and interdependencies of these new SWIFTNet facilities, and their potential benefits to both Citi and our clients. When completed, our sales and account management representatives will be contacting our SWIFT capable clientele and other targeted clients to explain these services and assess our clients' level of interest in their use. This will assist us in prioritizing the adoption of each facility and making them available to those clients who wish to take advantage of them.