Swift, Nift & Foreign Bills

NIFT's vision and institution of Certification Authority (CA/PKI) While we are focused on our immediate plans pertaining to propagation of automated clearing facilities to all related cities in Pakistan, we are equally resolute in keeping up with contemporary trends and need for harnessing electronic communication technologies for advancement in payment and settlement solutions. We would like to unfold further our vision by creating an infrastructure for secure electronic transaction processing. NIFT has established NIFTeTRUST – a service division of NIFT. NIFTeTRUST is another of its first initiatives towards modernization of payment systems in Pakistan. Ensuring security and safety of commerce and communications, addressing issues such as authentication, confidentiality/privacy, non-repudiation and data integrity over the Internet is the key objective of NIFTeTRUST service division. Partnership with the best: Verisign, Inc. NIFT has signed up as a Global Affiliate with VeriSign, Inc. - The leading provider of digital trust services that enable everyone, everywhere to engage in commerce and communications with confidence. VeriSign's digital trust services create a trusted environment through three core offerings—name, security and transaction services—powered by a global infrastructure that manages more than 5 billion network connections and transactions a day. NIFT is licensed by VeriSign as a selected provider of digital trust services in Pakistan. As an Affiliate, NIFT is a member of the VeriSign Trust Network platform – the infrastructure of technology and practices that support the global interoperability and usage of digital trust services. Users can be sure that services based on the VeriSign Trust Network platform offer the highest levels of security, reliability and support. NIFT has established a data centre conforming to X9.79 and ISO17799 Standards to offer digital certificate services in Pakistan. This processing centre is located at AWT Plaza, I.I. Chundrigar Road, Karachi and has ISO 27001:2005 certification. VeriSign

Trust

Network

platform

Services

Processing Centre: NIFT has setup a processing center with round-theclock operations to guarantee near zero downtime. Part of VeriSign Trust Network platform based on global standards and specifications, the processing center has the capacity to provide certificate services to thousands of enterprises and millions of end users.

Service Center: Service Center allows NIFT to mirror VeriSign's offerings: individual digital certificates, SSL Certificates, and enterprise PKI solutions and provide support leveraging the processing center. Following services are provided under the NIFTeTRUSTSM service division: Services Managed PKI (Client OnSite) Managed PKI SSL (Server & Global Server IDs)  Private Root  VTN Root  Class 2  Managed PKI (OnSite)  Key Management services  Premium Validation services  VeriSign Roaming services  Indentrus  Trusted Services for Identrus  Managed PKI SSL (Server & Global Server OnSite)  SSL Class 3 VTN Onsite Server Certificate  128-bit Class 3 VTN Global Server Onsite Certificate  SSL Class 3 VTN Server ID  128-bit Class 3 VTN Server ID  Private Label (PL) Client Certificate  VTN Class 1 Client Certificate  VTN Class 2 Client Certificate  VTN Class 3 Client Certificate Benefits:NIFTeTRUST: Wide spectrum of services lets your enterprise take advantage of the speed and immediacy of the Internet while protecting business-critical information from interception, tampering, and unauthorized access. With NIFTeTRUST individuals and entities can:  Take advantage of secure e-commerce. Offer a world of customers the confidence to purchase the goods and services on the web;  Exchange confidential data with business partners. Organizations can create secure extranets and Virtual Private Networks that give select partners easy access to business-critical information stored on their internal networks.  Safely, seamlessly integrate supply chain. Provides a protected

environment for safe information exchange at every stage of the manufacturing processes.  Communicate securely with employees around the world. Allow controlled access to intranet for all corporate information, such as HR data, secure email, and applications.  Customers can benefit from VeriSign Trust Network platform, which comprises of prominent international service providers, utilize common technology, operating practices and infrastructure to deliver interoperable trust services over the internet;  A team of experienced and highly trained professionals who help customers every step of the way – from need identification, solution formulation to implementation and on-going support.

Society for Worldwide Interbank Financial Telecommunication

The Society for Worldwide Interbank Financial Telecommunication ("SWIFT") operates a worldwide financial messaging network which exchanges messages between banks and other financial institutions. SWIFT also markets software and services to financial institutions, much of it for use on the SWIFTNet Network, and ISO 9362 bank identifier codes (BICs) are popularly known as "SWIFT codes". The majority of international interbank messages use the SWIFT network. As of November 2008, SWIFT linked 8,740 financial institutions in 209 countries. SWIFT transports financial messages in a highly secure way, but does not hold accounts for its members and does not perform any form of clearing or settlement. SWIFT does not facilitate funds transfer. Financial institutions would need a corresponding banking relationship for financial transactions. Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features. SWIFT is a cooperative society under Belgian law and it is owned by its member financial institutions. SWIFT has offices around the world. SWIFT headquarters are located in La Hulpe, Belgium, near Brussels. It was founded in Brussels in 1973, supported by 239 banks in 15 countries. It started to establish common standards for financial transactions and a shared data processing system and worldwide communications network. Fundamental operating procedures, rules for liability etc., were established in 1975 and the first message was sent in 1977.

SWIFT services There are four key areas that SWIFT services fall under within the financial marketplace, Securities, Treasury & Derivatives, Trade Services and Payments & Cash Management. Securities •

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SWIFTNet Data Distribution SWIFTNet Funds

Treasury Derivatives

& Cash Management Trade Services •

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SWIFTNet Affirmations SWIFTNet CLS Third Party Service

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SWIFTNet Bulk Payments SWIFTNet Cash Reporting

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SWIFTNet Trade Services Utility

SWIFTNet Exceptions and Investigations

Foreign Bills A draft for a sum of money to be paid in another country. Bills of exchange drawn on a foreign drawee and payable in a foreign country. They are the chief means by which settlements are made in international trade. Foreign Bills of Exchange Generally speaking, foreign bills of exchange resemble domestic bills of exchange. Foreign bills, however, have two features which domestic bills do not have. First, there is the necessity of converting one standard of money into terms of another standard - that is, a bill drawn in dollars payable in London, for example, must have its amount changed to pounds sterling. Second, the length of time required and the expense involved in shipping gold from one country to another are usually greater than would be the case within a country.

Classification of Foreign Bills 1. As to class of maker a. Government or official bills. b. Bankers' bills (including traveler's checks). c. Commercial bills. d. Express company drafts. e. Shipping bills. f. Postal money orders. 2. As to maker's purpose and types of transactions out of which bills arise a. Drawn against funds, balances, or accounts. b. Drawn for borrowing purposes. c. Drawn against merchandise. d. Drawn against services. e. Drawn against securities. 3. As to security a. Bills with securities or other valuable documents attached (including insurance policies, matured coupons, bonds, mortgages, etc.). 4. As to maturity (time of payment) a. Arrival bills (shipping documents attached). 5. As to domicile (place of payment) a. Domestic bills in foreign currency. b. Foreign bills payable in other currencies.