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Problem with Swift authentication

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Thu, 09/09/2010 - 08:27
chiragtek
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Joined: 12/29/2008
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Hello,

 I have a bit of a problem with my bank. I bank with US Century Bank in Miami and one of my new customers banks with HSBC. This customer opens LC in my favor but the problem is that in the past HSBC has not exchanged SWIFTs with my bank because they say that they have enough corresponsal banks in the USA.

 

Any tips on what to do?

‹ transport documents LC with FCA Hamburg ›
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Sun, 09/12/2010 - 10:54
#1
Abrar
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Joined: 03/12/2009
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SWIFT RMA

Why not use an intermediary bank with whom both banks mantain keys? The MT700 could be issued via the intermediary bank, indicating the beneficiary's bank in filed 57. The inermediary bank could then issue a MT710 to the bank indicated in field 57

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Thu, 09/09/2010 - 10:57
#2
pan
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Joined: 09/13/2007
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old problem

Hi Friend,

maybe you can find my post about Free Swift MT 999.

I made, in August, 30 requests of RMA, Swift Authen ticator, with banks worldwide without success and with the same reason"too many correspondents with your Country".

I wrote to Swift, stating that a message sent by SWIFT is in any way authentic, but not authenticated following the SWIFT rules.

Messages, not involved movement of funds, must be recognized as originating from that bank. Is it duty of the bank to have, to install checking procedures to avoid a misuse by bad clerks.

I think that too many interests are involved, if my bank advises the other bank's l/c, the other bank will do the same, in mutual interest.

You, as many exporters need to have l/c immediately advised by your bank, that may have advanced you the proceeds, etc.

One thought; in Italy it was the same with payments, 1 minute from Sydney to Milan or Rome, five days from these towns to Pisa, charged with tranfert costs . Now with SEPA, 1 minute and finish.

Other comments appreciated

Ciao

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