CyberFT Platform allows banks become CyberFT Providers and set up their own closed network (global CyberFT Network segment) for correspondent banks, bank subsidiaries, corporate clients and other organizations that banks interact with.
Organization that acts as a Provider can independently set a commission amount to such a network and determine how much to charge the participants for each type of transaction.
Special message formats may be used within such a network that can used by the bank and its partners, not accessible to the rest.
Provider independently establishes relationship with other CyberFT Providers and chooses the route of the transaction from CyberFT Participant to the receiver who is located in other CyberFT Network segment.
The bank acting as a Provider has the following advantages:
- Full control over the network and inaccessibility of information to the external environment, including CyberPlat, the company that developed CyberFT.
- Capability to place processing servers anywhere in the world. Such an approach is relevant for international banking groups or specific states. It allows them to independently choose location for placement of server equipment necessary for CyberFT functioning.
- Freedom in choosing CyberFT provider partners.
- Capability to set their own network rules, including pricing, timeframes, message formats, and cryptographic means.
- Considerable cost cutting as compared to SWIFT costs.
- Capability to provide customers with a whole range of new services, including:
- SWIFT services. Bank acting as a CyberFT provider can provide its client banks, which have no SWIFT access, a service that would enable receiving messages from such banks in CyberFT and redirecting them to SWIFT, and vice versa.
- Host-to-Host, including transfer of both payment documents and contract scans (e.g. for the purposes of currency control or trade financing).
- Payment module for 1C.
- Cash Pooling (both interbank and intrabank)
- Electronic document flow of legally valid documents.
- Direct Debit.
- Online transactions processing.
- Prolonged cut-off time for the customers.