How to Send a Swift Wire for Developers
iso20022js.com
How to Send a Swift Wire for Developers
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Re: How to Send a Swift Wire for Developers
#2Hey 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.
Re: How to Send a Swift Wire for Developers
#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
Re: How to Send a Swift Wire for Developers
#4Cool to see how swift wire payments works in practice, but using JS floating point numbers for money amounts is a disaster waiting to happen
Re: How to Send a Swift Wire for Developers
#5> 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.
Re: How to Send a Swift Wire for Developers
#6nit: it’s been called ‘Swift’ for a while, not ‘SWIFT’.
Re: How to Send a Swift Wire for Developers
#7This 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 ;)
Re: How to Send a Swift Wire for Developers
#8Cool 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.
Re: How to Send a Swift Wire for Developers
#9Cool to see how swift wire payments works in practice, but using JS floating point numbers for money amounts is a disaster waiting to happen
It would be if it did any arithmetic. But maybe it works without any computation. Then the fp arithmetic is not a problem. Or could you provide an example?
Re: How to Send a Swift Wire for Developers
#10Cool to see how swift wire payments works in practice, but using JS floating point numbers for money amounts is a disaster waiting to happen
Should be fine up to about 9 quadrillion[1]. Though with arithmetic it can get messy. The example doesn't show, but I hope dollar amounts are in cents and don't use decimals.
Maybe when sending money to Zimbabwe it could be an issue.
[1] https://developer.mozilla.org/en-US/docs/Web/JavaScript/Refe...