Cross-border payments of CBRT are mainly carried out through correspondent banking via Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT members have correspondent accounts for currencies other than domestic currencies at other financial institutions. All requests for funds or payments in the form of standard financial messages sent to correspondent banks via SWIFT are ultimately settled through the correspondent services of the related country’s domestic clearing and settlement systems depending on the nature of the transaction.
The CBRT has been a SWIFT member since 1989. CBRT frequently updates the methods and arrangements related to the efficient operation of SWIFT transactions, and the emergency tests are ran by IT and operational departments.