A little about swift:

If you are sending from Bank A in Kenya to Bank X in India, for it to be really fast, Bank A and Bank X must be correspondent banks. I.e., they must maintain each other's accounts using the Nostro and Vostro account setups.

Bank A will debit your account and credit Bank X's account here. So, in that case, the message can actually be immediate. The moment the transfer is authorised, the message leaves the banking system in Bank A and hits the SWIFT network. The banking system in Bank X will receive the message and transpose it into a transaction to do the debits.

Bank X will debit from Bank A's account in Bank X and credit the original beneficiary. The two banks then share a reconciliation statement, still via SWIFT (MT940, MT950) to check that the mirror accounts are properly balanced.

If, by some luck, bank A and bank X do not have this kind of relationship - and this was a big problem with Kenyan banks when the market started going East - bank A has to send the message to bank B for which bank A and bank B are correspondents, and if bank B is a correspondent bank of X, then the final message is delivered, if not, they send to their own correspondent bank C, etc until it finally reaches bank X. By that time, of course the final amount has reduced dramatically due to charges and exchange rate issues.

@Jangita, I am sure there are more banks that are automated. By automation, I mean you can request a transfer via online banking/USSD banking. No bank has end to end automation. Once it hits the Swift network you cant control the recipient bank's speed of action.

Secondly, for local transactions (RTGS) the local clearing house is fully automated using the same swift protocol.




On Wed, Aug 20, 2014 at 12:43 PM, Okechukwu via skunkworks <skunkworks@lists.my.co.ke> wrote:
@Mickey its called SWIFT because its Society for Worldwide Interbank Financial Telecommunication  
Nothing to do with the word swift for speed!

./Ok3ch 


On Wed, Aug 20, 2014 at 10:31 AM, Mickey Mickey via skunkworks <skunkworks@mailman-prod.my.co.ke> wrote:
Why will it be called swift=>'Swift'???


On Wed, Aug 20, 2014 at 10:35 AM, Charles Murithi via skunkworks <skunkworks@lists.my.co.ke> wrote:

Hi Matt,

It takes 4 Intwrnational Working days ...I.e Monday-Friday. If you wish to query tell the sender to email a copy of the swift advice. Please note the senders currency will have to be converted to your accounts currency.
CK

On 20 Aug 2014 10:12, "Matt Gathu via skunkworks" <skunkworks@lists.my.co.ke> wrote:

Hi,

Does anyone know how long swift funds transfer to Kenya  typically take?

I got sent money over a week ago, and it has not hit my account yet.

Thanks.


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