CyberFT Network consists of unlimited number of CyberFT participants that are using CyberFT Platforms for their electronic document flow. CyberFT Platform is set up at the purchaser’s area and is independent from CyberPlat company. CyberFT Provider can serve banks and their customers both in the regions of their presence and within a specific bank or corporate group.
Banks, corporate customers, exchanges, brokers, state structures and other types of organizations can become CyberFT Providers or Participants. Each CyberFT Participant gets his own unique identifier (unless he is a participant of SWIFT) or SWIFT identifier is used.
Reference of CyberFT Participants is distributed on regular basis to each Participant and is updated automatically. CyberFT identifier is unique not only within the scope of a certain CyberFT Provider but within the entire CyberFT Network. That said, Participant with a certain identifier can be connected to one provider only, which ensures CyberFT Network integrity.
Capability to support multiple providers
CyberFT Providers can be connected with each other by different ways. Some of examples are presented below:
With each other
Route of the document along with a sender’s signature is logged to every CyberFT Provider that participated in its delivery. Thus, each participant of the information exchange process during any transaction has comprehensive legally valid electronic documents (automatic logging of all transactions).
Through the jointly chosen central CyberFT Provider
For instance, any major bank group can become a CyberFT Provider and combine its subsidiary organizations, correspondent banks and customers. At the same time, to exchange data between participants of different bank groups all providers sign an agreement with a uniform provider (e.g. Central Bank) who will be responsible for message routing between CyberFT Providers.
On one hand, such network topology significantly simplifies organization issues related to establishment of relationship between the Providers and allows the Providers to interact through the uniform organization (central provider) which all of them trust. On the other hand in case of technical issues at the end of the main Provider, interaction between the network Participants will be interrupted.
Through the group of interconnected CyberFT Providers
This way of network organization has an improved resilience in spite of complicated organization processes related to relationship development and contract signing between CyberFT Providers. In case of any technical issues at the end of one or several providers, interaction between other CyebrFT Providers will remain intact.
Interaction with SWIFT
CyberFT Participants are also able to interact with other counterparties that are using SWIFT. One of the examples of such interaction is illustrated below.
That said, CyberFT allows its participants to interact via SWIFT if receiver of the message has not joined CyberFT Network yet or type of the transmitted message is not yet supported by CyberFT.
Also, clients of the Platina Bank (CyberPlat settlement bank) can use CyberFT to send messages, which are then directed by the Platina Bank to SWIFT. On one hand, that approach enables small banks to keep low costs while joining SWIFT, on the other hand, it allows them to exchange information with a reliable partner using SWIFT.