Swift FileAct

FileAct is a channel that enables communication between financial institution/banks and big corporates to automate payments, collections, trade, and securities services

FileAct by default provides cryptographic services- Hence, files that are transmitted over the network is safe and secure

Its a open community where corporates can subscribe with swift network and reach correspondent bank

Integration and IT costs can be reduced through automatic integration with banks and financial institutions

Corporates can use single channel to communicate with multiple banks and access to multiple markets

FileAct provides two types of services,
Store and Forward
Real Time

Corporates and Banks deal with requestor and responder domain names to send and receive files

Swift FileAct supports all types of fileformats and attachments.

Message type can be classified through request types

FileAct supports both the flows (Corporate to bank) and (bank to Corporate)

Some Examples
Payment services - ISOXML standards
Corporate prepares supplier payments and send across to banks to execute via fileact

Collection services- Direct debit instructions
Corporates send message request in pain.008.001.003 and asks bank to do direct debit from customers account and settle in credits in merchant account

Trade services- Corporate companies who are buyers will request for bank guarantee instructions/ Letter of credits from the issuing bank and ask them to forward to their sellers (advising bank)

Instructions will be issued in MT798 trade messages

Securities- Corporates will buy and sell stocks and bonds- Message will be sent to bank to execute receive free/delivery free transactions.
Message format will be MT540, MT541
Settlement instructions will be taken care by bank and confirmation will be issued via fileact services




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