1. OTHERS ISSUES RELATED TO ELECTRONIC BANKING

2. SWIFT
The SWIFT (Society for World-wide Interbank Financial Telecommunications) system is a computer-based message switching system used by most international banks now as a method of making overseas payments
This method of payment is currently available in more than 150 countries. SWIFT payments can be made in sterling.

3. The minimum information that is required to make a SWIFT transfer is the name of the beneficiary, the account number, the name and address of the bank, the sort code and SWIFT code.

4. IMPORTANT INFORMATION
Changes in anti-terrorism legislation in the USA have meant that the US government has now increased rights of access to information held by banks about their customers, and to details of funds transfers.
As all SWIFT payments are processed through the USA, any details processed on these payments may be disclosed to the US Department of Treasury.

5. The Data Protection Authority in Belgium has ruled that this is a breach of the Data Protection Directive.
This means that the sender of the money must be made aware and be given the option not to proceed with the transfer if they do not agree to this sharing of information.
If you request a SWIFT payment to anywhere in the world, you will be need to confirm that you accept the above.

6. SWIFT for banks.mp4