SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a global network that enables banks and other financial institutions to send and receive secure messages regarding financial transactions. It uses standardized messaging formats and an internationally recognized bank identifier code (SWIFT code) to process transactions. Core banking is a banking service that allows customers to perform transactions from any branch of a bank, not just the branch where they maintain their account. With core banking, all branches of a bank are interconnected, and customer information and records are centralized. This provides customers convenient access to their funds and allows banks to improve operational efficiency.

2. SWIFT stands for Society for Worldwide Inter bank
Financial Telecommunication. It is a service for sending and
receiving money. It comprises of a world wide network where
messages related to financial transactions is being exchanged
among banks and other financial institutions electronically. The
transaction mainly depends on international standards and
through a unique code provided to each bank known as the Swift
Code.Swift code has 8 character.

3. It is a safe and reliable way to send and receive money
worldwide. It has no upper limit for the transaction amount.
SWIFT code
It has 8 character
First four characters: the institute code
Next two characters: the country code
Next two characters: the location/city code
Last three characters:Individual Branck code
Eg:SWIFT Code of SBI(Kottayam city):SBININBB396

5. Core banking is the short form of Centralised Online
Realtime Electronic Banking.It is a term used to describe
the services provided by a group of networked branches.It
enables the customers to avail banking services from any
branch of bank irrespective of where the customer
maintain the accounts.The purpose of core banking is to
provide convenient,efficient and high quality banking
services to customers.

6. All the branches of a bank are inter connected and
the information is stored centrally which can be accessed
by all branches.

7. Services By CORE Banking
 To make balance enquiries from any branch.
 To withdrawn cash by tendering a cheque.
 To deposit cash into the bank.
 To deposit a cheque for collection into the account.

8.  To deposit cheque/cash into account of some other
person who has account in core banking.
 To obtain statement of account.
 To transfer funds from a customer’s account to some
other account provided both accounts are in core
banking branches.

9. Advantages of CORE banking
 Increase in Customer Loyality
Core Banking solution enable the banks to provide exeptional customer
services.It not only allows customers to access bank accounts from any
interconnected branch across the world.It also gives the customers a chance to
manage their bank accounts any time during the day from anywhere in the
world.With easier transactions and transperant banking experience,banks are
able to retain current customers,attract new customers and expand customer’s
relationships beyond transactional experience.

10. Increase in employee efficiency
Core Banking Solutions also make information exchange between the
employees across the different branches of the bank across the world
seamless and faster. Efficient work, thus, results in more business
opportunities. Core Banking Solutions also have enabled the banks to utilize
limited professional manpower more effectively. As most of the transactional
processes get automated, the chances of manual errors also reduce
considerably.

11.  Reduction in operational and support expenses
Core Banking Solutions enable banks to handle the volume of customers
more efficiently. Online banking reduces the number of footfalls in the bank
branches every day. This enables the bank to cut down infrastructural,
operational and support expenses to a great deal. ATM, Internet Banking,
Mobile Banking and Payment Gateways have reduced the need for manual
processing of financial transactions in the bank – this helps the bank in
managing work at a much efficient rate than before and also brings down the
operational and support expenses. Reduced time-to-market for new product
offerings, faster clearing, settlement and reconciliation also translate into
operational effectiveness.

12.  Reduced IT Maintenance
The modern Core Banking Solutions are designed to consolidate several
stand-alone applications and optimize the costs associated with the
maintenance of legacy systems. It allows banks to cut down on IT
maintenance costs by moving to a shared services platform, which in turn
also results in improvement of bank-end efficiency of the branches.

13. All Branches access applications from central servers/datacenter, so
deposits made in any branch reflects immediately and customer can
withdraw money from any other branch throughout the world.
CBS is very helpful to people living in rural areas. Farmers can receive e
payments towards subsidy etc. in his account directly.
Transfers of funds from the cities to the villages and vice versa will be
done easily.