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BIRP: Bank intra routing protocol | IEEE Conference Publication | IEEE Xplore

BIRP: Bank intra routing protocol


Abstract:

SWIFT is a financial institution, which provides an interface for banks in order to communicate and transfer money worldwide. These banks, together with their branches in...Show More

Abstract:

SWIFT is a financial institution, which provides an interface for banks in order to communicate and transfer money worldwide. These banks, together with their branches incur significant expenses including security infrastructure, SAA package license, yearly maintenance, and message costs. Banks always look for a good investment and the swift routing protocol does not deal with intra bank message processing as a separate case. If a message is sent for either a branch or another bank, it must pass through SWIFT before it continues to the correspondent. In this work, we provide a new protocol - bank intra routing protocol (BIRP) - that intra routes all messages exchanged between the main branch and all its branches.
Date of Conference: 17-20 May 2007
Date Added to IEEE Xplore: 05 November 2007
ISBN Information:

ISSN Information:

Conference Location: Chicago, IL, USA

I. INTRODUCTION

SWIFT [1] is a financial organization that provides all banks with a dynamic graphical interface known as SWIFT Alliance Access (SAA) in order to communicate and transfer money all over the world. SAA is a financial message switch used to interface to multiple networks in order to transfer money in the most secure and consistent way. All banks are directly connected to SWIFT via SwiftNet secure links so that they can communicate with each other. Every message sent by the sender must go to SWIFT and from there it will be forwarded to the correspondent. Swift messages pass through many queues before they are moved to SWIFT. First, they are created in the message creation queues, and then are routed to both the verification and the authorization queues where they can be verified and authorized before continuing their tour to SWIFT. The main problem of SWIFT is that every message sent to a branch must pass through SWIFT before going to the receiver and this leads to additional costs to the bank. Besides that, if the connection is down, then all branch messages will fail to be received and must wait until the connection is up again. This delay increases as network traffic rises.

References

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