HS code harmonization in NAFTA region

List of the contents of this article:

• 1,HS code harmonization in NAFTA region What exactly is the swift international settlement system?
• 2, What kind of system is SWIFT
• 3, Overview of SWIFT

What exactly is the swift international settlement system?

1. No interruption for hours. SWIFT International Settlement System is a cross-border payment system that has existed for nearly 50 years. It was managed by the Global Banking Financial and Telecommunications Association in 1973 and is a cross-border payment transaction system headquartered in Belgium. The working hours of the SWIFT international settlement system are 24 hours a day, that is, all year round.

2. Simply put, if currency is regarded as a commodity, then SWIFT is the logistics of money.

3. SWIFT International Settlement System is a cross-border payment system that has existed for nearly 50 years. It was managed by the Global Banking and Financial Telecommunications Association in 1973 and is headquartered in Belgium.The payment transaction system mainly provides secure financial information transmission services for banks and other financial institutions and enterprises around the world.

4. There are **three** international settlement systems in the world, which are SWIFT, CHIPS and CHAPS.

What kind of system is SWIFT

SWIFT is a company that provides information transmission services between financial institutions. It is a message system for financial transactions between banks around the world. Anyone who participates in SWIF T's banks will have a unique SWIFT code.

SWIFT system is an international fund clearing system, which is managed by the Global Interbank Financial and Telecommunications Association for banks.It provides safe, reliable, fast, standardized and automated communication services, and the SWIFT system has greatly improved the settlement speed of banks. Because the format of SWIFT is standardized, SWIFT telegrams are mainly used in letters of credit.

SWIFT is the English name of the International Funds Clearing System, also known as the Global Banking Financial Telecommunications Association.

The SWIFT system adopted by SWIFT, that is, the international fund clearing system, provides safe, reliable, fast, standardized and automated communication services for bank settlement. The SWIFT system has greatly improved the settlement speed of banks. Because the format of SWIFT is standardized, SWIFT telegrams are mainly used in letters of credit.

Overview of SWIFT

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2. SWIFT attended the HSBC Financial Industry Global Clearing Business High-level Forum from the 19th to the 20th of last month and served as a guest in the panel discussion. The two-day forum gathered about 65 senior bank officials from 20 major domestic banks.

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