Sourcing products and services from remote local companies requires to have a sustainable strategy in managing the transactions process between various third parties and in multiple currencies.
Global transactions have been structured under various ISO standards, starting with the ISO7775 in 1998 and corresponding to a simple batch of information transferred.
ISO15022 has replaced ISO7775 in 2003 and brought a higher level of safety, by implementing a new security level of data transferred (named Strait-Through-Processing). Such STP process included information about the transaction details and also protection key for both senders and receivers. About half of the 15 million messages that are exchanged on the SWIFT net- work every day are ISO 15022.
ISO8583 is used for almost all credit and debit cards transactions and ATM. Several hundred million ISO8583 transactions are exchanged daily between issuing and acquiring banks.
SWIFT proprietary also known as MT messages are the standard for messaging between banks, foreign exchanges and documentary credits. Around 12000 banks are using the Swift proprietary around the globe and corresponding to millions of transactions everyday with the SWIFT network.
However, others standards are utilised around the globe such as FIX, FpML, DTCC, or XBRL standards representing millions of transactions around the globe as well.
Banking systems and banks are fully capable to manage the flow of transactions around the globe and secure the payment between two entities and countries.
however, an agreement and contract between parties is not bound to a payment only.
Any transaction would include a scope of work to be executed and specifications linked to a volume of manufactured products, delivery terms and applicable INCOTERMS would be part of the contract as well with the payment terms all included within the contract between two or more parties.
Considering that each transaction should be secured for all parties involved, we have worked on the development of Digital Smart contracts based on "Business Investment Vouchers". such products are made of key elements which capture the overall transaction process.
