As the CyberFT brand was taking shape there was a curious situation related to its name. Initially chosen code name CyberSWIFT seemed to be a perfect fit: it was associated with the brand CyberPlat® and at the same time reflected the purpose of the product – interbank message exchange system operating on the same principles as SWIFT.
For over 20 years of operation on the financial Russian-speaking market, as a result of monopoly of SWIFT on the market of authenticated encrypted data structured in accordance with the international standard ISO 15022, it became clear that the word “swift” is commonly used and is not subject to patent protection. There are many examples in the world-business history when mass popularity made a trademark generic, due to which it was no longer a property of its owner and became public domain. For instance, that happened to Aspirin – trademark of Bayer AG or with the Xerox brand.
CyberPlat experts carried out a thorough analysis of the situation and concluded that the word “swift” is indeed commonly used in Russian language, but that happened as a result of monopolization of a certain communications sector on the financial market by SWIFT. We’re talking about the transfer of interbank messages in conformity with ISO 15022 and ISO 20022 standards.
Today bank experts don’t say: “I am going to send an authenticated encrypted message, structured in conformity with ISO 15022 and ISO 20022”, they use a more concise expressions that have been around for quite a while. For instance, if an interbank message in a correspondng standard is sent through the payment system of the Central Bank of Russia, they say: “I am going to send a ‘swiftovka’ (that is mean SWIFT message) through the Central Bank”. Today you can often hear someone say: “I sent you it via SWIFT, so send me a ‘swiftovka’ later on”.
From the functionality viewpoint CyberFT does the same thing as SWIFT: it sends authenticated encrypted messages, structured in conformity with international standards ISO 15022 and ISO 20022. Or, to put it using expression commonly used in the financial community – “it sends ‘swiftovkas’”.
But the fundamental difference between CyberFT and SWIFT comes down to the use of new contemporary principles of information transfer:
- Unlimited number of providers, connected as a “web” topology, which ensures a substantially higher security of the data transfer network;
- Storage of payment information only in the payment country;
- A lower price;
- Development of new message formats and categories on short notice.
That is how it was decided to abandon the CyberSWIFT brand and to start shaping a new solid brand, as a result of which the market was hit with a rapidly growing brand.