SwiftNET is a messaging network owned and operated by the Society for Worldwide Interbank Financial Telecommunications (SWIFT). It allows financial institutions to securely transmit standardized financial messages. The network has transitioned from using older telecommunication systems to a packet switched network and now uses a secure IP network architecture with multiple vendors. SwiftNET provides four core messaging services - FIN for payment messages, InterACT for interactive exchanges, FileACT for file transfers, and Browse for secure web access.

1. SwiftNETThe high level overview you always wanted.
Rishabh Dangwal
Consultant, KPMG Cyber Security
www.theprohack.com | Twitter : @prohack | admin@theprohack.com

2. Agenda
 Understanding SwiftNET
 Introduction
 Organizational Structure
 Partners
 SwiftNET Messaging Architecture
 Services
 SwiftNET Modules
 FIN
 InterACT
 FileACT
 Browse
 SwiftNET Ancient Architecture
 SwiftNET Contemporary Architecture

3. Introduction
• Society for Worldwide Interbank Financial Telecommunications.
 Formed because TELEX (& older systems) lacked speed, security & were
cumbersome.
 Started with 230 banks in 5 countries, now used by 10000 institutions in 212
countries.
 Its ancient network was replaced with packet switched network X.25, which again
was migrated to IP network (SwiftNET)
 24 million daily messages comprising of
 48% of payment messages
 46% of securities messages &
 Remainder treasury, trade and system messages.
 SWIFT takes full liability for each message once they have accepted it.
 99.999 % reliability (YAY!)

4.  SWIFT operates a number of services, primarily:
 General Purpose Application
 Financial Application
 Initial Objective: To create a central point for the passing of secure and
standardized messages coming from banks that are mainly interested in payment
messages.
 Today over 200 different SWIFT messages exist, including –
 Credit and Debit Instructions
 Buy and Sell Orders
 Documentary Credits
 Collections, Guarantees, interbank transfers etc.
Introduction Cont..

5.  Additionally, SWIFT provides a number of services* that are charged for over and
above the normal fees. A few of these are:
 IFT (Interbank File Transfer)
 ACCORD
 Directory Services
 RTGS
 Users are charged on the character length (unit lengths of 325, 750, or 1950) or by
message type.
 The charges also vary depending on volume tier.
*more on this later
Introduction Cont..

6. courtesy of Swift.com
SwiftNET Organizational Structure

7. SwiftNET Partners
Business partners
Over the years SWIFT has built a network of external partner companies who act in
selected countries or regions on SWIFT's behalf, called SWIFT business partners.
 North America: S.I.D.E. America Corp,
 Middle East & Gulf Region: Eastern Networks Dubai,
 Balkan countries: CiS d.o.o. Serbia & Montenegro. Etc.
Network partners
SWIFT has adopted a multi-vendor model for its secure IP network (SIPN). The new
architecture uses state-of-the-art security and ensures highest resilience and lowest
risk. The key aspect of this architecture is the co-existence of multiple IP network
partners.
SWIFT uses four network partners, each with a standard offering of managed IP-VPN
services
 AT&T
 BT Infonet
 Colt Telecom
 Orange Business Services

8. SwiftNET offers four modules or messaging services:
 SwiftNET FIN – Standard store & forward messaging for single instructions
 SwiftNET Interact – Interactive message exchange between two parties
 SwiftNET FileACT – Interactive exchange of files between two parties
 SwiftNET Browse – Provides https-based access to visual content on webservers
from desktops
SwiftNET Services

9. Bank A
CBS – Swift
Interface
Bank B
CBS – Swift
Interface
Central Swift Interface
Information & Control
Module (ICM)
SwiftFIN
S W I F T N E T
FIN Copy
FileACT
Real time reporting
SwiftNET Browse
Visualization of
Information
InterACT
Real time cash reporting
SwiftNET Messaging Architecture

10.  Enables the exchange of messages with the traditional SWIFT MT standards.
 MT is short for “Message Type” and all SWIFT messages start with MT.
 This is then followed by a 3 digit number.
 The first digit represents the Category. A category denotes messages grouped
together because they all relate to particular financial instruments or services.
Group Messages:
MT0nn System Messages
MT1nn Customer Payments
MT2nn Financial Institution Transfers
MT3nn FX, Money Market & Derivatives
MT4nn Collections and cash letters
MT5nn Securities Markets
MT6nn Precious Metals & Syndications /GOLD
MT7nn Documentary Credits & Guarantees
MT8nn Travellers Cheques
MT9nn Cash Management & Customer Status
SwiftNET FIN

11. The second digit represents the Group denoting that the messages are related to
similar parts of a transaction's lifecycle.
 MT200 Financial Institution Transfer, Own Account
 MT202 Financial Institution Transfer, Third Party
 MT521 Receive (Securities) Against Payment
 MT523 Deliver (Securities) Against Payment
The last digit is the Type and denotes the individual message. There are several
hundred message types across the categories in total. A special subset of Messages is
known as the Common Group because the last two digits represent the same message
in each category
 MTn99 Free format
 MT299 Free format relating to transfers
 MT599 Free format relating to securities
 MT999 General free format
SwiftNET FIN Cont..

12. 1. Payment Instruction (Swift Code : MT103, 103+, 202,204*)
2. Settlement request (Swift Code : MT096)
3. Settlement response (Swift Code: MT097)
4. Approved / Settled. Payment Instruction received
5. Sender / receiver notification and reporting (Swift Code : MT012, MT019, MT900,
MT910, MT940, MT950 )
SWIFT Interface
SwiftNET FIN
Payment
order
Y Copy
1
2
4
5
3
Bank A
5
Bank B
SwiftNET FIN Cont..

13.  SwiftNET InterAct Q& R: interactive exchange of information for messages that are
time-critical and need an instant response
 New message types will be introduced as ISO XML messages for SwiftNET InterAct :
cash management standards
 Access to the web server through SwiftNET Interact:
 Managing the payments queue
 Liquidity management
 Management of reservation and limits
SwiftNET InterACT

14.  Authenticity, integrity, confidentiality, non-repudiation.
 Flexible central routing.
 Any type of file up to 250Mb, compression supported.
 Store & Forward mode : Typically used to reach a large number of counterparties.
 Realtime Mode : Happens for direct person to application transactions.
Bank A Bank B
Realtime Initiate File Transfer
Realtime Transfer Files
Optional File Delivery Notification
FileACT
SwiftNET FileACT

15.  Secured with SwiftNET PKI (managed certificates)
 Encryption, authentication and integrity control
 Non-repudiation
 Closed user group control
 SIPN
SwiftNET FileACT Cont..

16.  SwiftNET Browse enables secure browser-based access (over SIPN) from an operator
using a standard browser and SWIFT Alliance WebStation to a service provider’s
web server
 Also, it allows to initiate InterAct or FileAct exchanges via a secure browser link.
Through this, sensitive data as per security & reliability norms of SwiftNET, while
preserving the benefits of a browser-based environment.
Bank A
Alliance Workstation
SwiftNET
Service Provider Server
BROWSE
HTTPS authenticates System of End user
InterACT / FileACT authenticates end user using
SwiftNET PKI certificates
SwiftNET Browse

17. HLD courtesy of Swift.com
SwiftNET Architecture : Ancient Network

18. HLD courtesy of Swift.com
SwiftNET Architecture : SwiftNET

19. Questions?SuperZAP me at admin@theprohack.com

20. Thank You!
Rishabh Dangwal
Consultant, KPMG Cyber Security
www.theprohack.com | Twitter : @prohack | admin@theprohack.com