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In an interbank Forex transaction, no real money changes hand. All transactions are done electronically through SWIFT. Banks undertaking Forex transactions simply transfer bank deposits through SWIFT to settle a transaction. SWIFT is the Society for Worldwide Interbank Financial Telecommunication is a cooperative organization headquartered at Belgium. Swift provides a standardized messaging service to these members. As and when two counterparties undertake a transaction, SWIFT transports the message to both financial parties in a standard form. As the Forex market is mainly an OTC market, SWIFT message provides some kind of legitimacy to the transactions. In 2018 SWIFT Gpi started operationalizing. SWIFT GPI (Global Payment Innovation) is a new standard in cross-border payments which aims to provide full vigil on payments activity. It covers all payment instructions sent across network, enabling GPI banks to track all their SWIFT payment instructions at all times, and giving them full visibility over all their payments activity.
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