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How to Send a Swift Wire for Developers

iso20022js.com

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Re: How to Send a Swift Wire for Developers

#11

Post by kreetx »

paperpunk wrote: post #5
_lvbh wrote: post #3

> you will need to configure the bank to allow for direct transmission. This is a process that your bank will need to complete with you. How easy is this process? Are all banks required to provide such a service? How about countries outside the USA

This is frankly the actually difficult part of the process. ISO20022 is just a way to send messages, your actual commercial and settlement arrangements still need to be done. Banks are not required to provide such a service, you will specifically need an arrangement with a bank that offers that. Or more likely with an intermediary like Wise which will abstract the distractions like ISO20022 away from you.

AFAIK, Wise has currently stopped allowing payments through its API[1] for private persons due to regulation, and there don't seem to be any other worldwide providers to do so.

[1] You can send prepared payment orders to Wise, but still need to log in and manually approve them.

Re: How to Send a Swift Wire for Developers

#12

Post by bux93 »

cyberpunk wrote: post #7

This is cool; I'd love to hear more about how the actual transfer of money works e.g clearing, r-transactions and so on if you're looking for a follow up blog ;)

Since you mention r-transactions (which is specific to SEPA): the SEPA rulebooks are surprisingly easy to read (e.g. for SCT[1]). For the US, NACHA maybe publishes similar specs? Neither are Swift though, for that perhaps https://www.swift.com/standards is what you're looking for.

How the actual settlement happens (e.g. RTGS/Target 2) is a bit more involved, and you won't find that in these rulebooks.

[1] https://www.europeanpaymentscouncil.eu/what-we-do/epc-paymen...

Re: How to Send a Swift Wire for Developers

#13

Post by wiktor-k »

RedShift1 wrote: post #8
chuzz wrote: post #4

Cool to see how swift wire payments works in practice, but using JS floating point numbers for money amounts is a disaster waiting to happen

That seems super dumb indeed. I really wish JSON had an actual decimal type, we already have valid "e" notation (like 10e2), why not have a "d" notation, like 5d3 (meaning 5.3) or 5.3d.

Yes! Something similar to https://developer.mozilla.org/en-US/docs/Web/JavaScript/Refe...

Re: How to Send a Swift Wire for Developers

#14

Post by arianvanp »

paperpunk wrote: post #5
_lvbh wrote: post #3

> you will need to configure the bank to allow for direct transmission. This is a process that your bank will need to complete with you. How easy is this process? Are all banks required to provide such a service? How about countries outside the USA

This is frankly the actually difficult part of the process. ISO20022 is just a way to send messages, your actual commercial and settlement arrangements still need to be done. Banks are not required to provide such a service, you will specifically need an arrangement with a bank that offers that. Or more likely with an intermediary like Wise which will abstract the distractions like ISO20022 away from you.

In the EU the PSD2 directive explains which market parties can apply for access to these systems. Which usually means you need to have a company that has interest in this kind of access and provide service to third parties. Unfortunately i think PSD2 only sets technical rules for authentication. Not for the actual API. So the bank might not give you direct access to SWIFT but to an API that abstracts it instead.

Re: How to Send a Swift Wire for Developers

#15

Post by miki123211 »

svapnil wrote: post #2

Hey HackerNews, I published iso20022js.com a few weeks ago, and I was incredibly surprised by the overwhelming traction it received. I wanted to share more about some payments fundamentals that engineers might need in order to run this package - specifically, how sending these types of bank payments actually works.

> I published iso20022js.com a few weeks ago

And from the linked article:

> iso20022.js is the most popular open-source library that you can use to create ISO20022 messages programatically

How's that possible?

Re: How to Send a Swift Wire for Developers

#16

Post by sedatk »

miki123211 wrote: post #15
svapnil wrote: post #2

Hey HackerNews, I published iso20022js.com a few weeks ago, and I was incredibly surprised by the overwhelming traction it received. I wanted to share more about some payments fundamentals that engineers might need in order to run this package - specifically, how sending these types of bank payments actually works.

> I published iso20022js.com a few weeks ago And from the linked article: > iso20022.js is the most popular open-source library that you can use to create ISO20022 messages programatically How's that possible?

If it’s the only library…

Re: How to Send a Swift Wire for Developers

#17

Post by kirmerzlikin »

Nice article! It's always interesting to look behind the scenes of payment infrastructure.

BTW, when I tried the interactive demo [1] I noticed that it appended "undefined" to the end of the generated XML. Happens both in Firefox and Chrome, so it doesn't seem to be a browser quirk.

[1] https://www.iso20022js.com/demo

Re: How to Send a Swift Wire for Developers

#19

Post by [deleted] »

miki123211 wrote: post #15
svapnil wrote: post #2

Hey HackerNews, I published iso20022js.com a few weeks ago, and I was incredibly surprised by the overwhelming traction it received. I wanted to share more about some payments fundamentals that engineers might need in order to run this package - specifically, how sending these types of bank payments actually works.

> I published iso20022js.com a few weeks ago And from the linked article: > iso20022.js is the most popular open-source library that you can use to create ISO20022 messages programatically How's that possible?

[deleted]
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