【正文】 s of credit, etc. Ⅱ telegraphic test keys: code arrangements that enable the banks to receive cables from other banks to verify the authenticity of cables or telexes. Ⅲ SWIFT authentic key: for authenticating messages transmitted through SWIFT。 – Secure and reliable。 – If the message is properly formatted, it is sent to the Receiver’s local SWIFT Regional Processor。 – The message is then sent to the sender’s local SWIFT Regional Processor。 safe quick convenient Chapter 1 Introductions on Fundamentals in International Settlements ? puterization SFNB,1996, USA。 ? Banks became the center in the international settlement at the end of 18th century。案例 》 ，蔣琴， 2021，清華大學(xué)出版社。國際結(jié)算理論與實務(wù) （ Theories and Practices of International Settlements ） 主講人： 李穎 山東大學(xué)經(jīng)濟(jì)學(xué)院金融系 聯(lián)系方式： ? Reference books ?《 國際結(jié)算 》 第四版，蘇宗祥， 2021，中國金融出版社； ?《 國際結(jié)算 》 ，秦定， 2021，清華大學(xué)出版社； ? 《 國際結(jié)算：理論 實務(wù) Examination Exercises in class （ 20%） Final tests In English（ 80%） International Settlement Overview Chapter1: Introduction On Fundamentals In International Settlements Chapter2: Banks’ Clearing System In international Settlements International Settlement Core part Chapter3: Financial Instruments used in International Settlements Chapter4: Mercantile documents used In International Settlements Chapter5: International Settlement Methods International Settlement extension Chapter6: L/G and Standby L/C Chapter7: Financing methods In International Settlements. Chapter8: Bank Letters in International Settlement Chapter 1 Introduction on Fundamentals in International Settlements ? Definition ? International payments or international settlements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, etc., emerged in the course of political, economic or cultural contacts among them. spot payment—— payment between different cities—— international payment. International Settlement contents International trade： visible trade and invisible trade Financial transactions Payment between governments International Settlement Objectives Characteristics of evolution: ? cash settlement to transfer settlement and transaction of documents。 ? From payments under simple price terms to payments under more plex price terms。 Entrium Direct Bankers,1990,1998 International Settlement Communication means Mail: Letter, registered letter, express delivery letter Cable or Telex Network: SWIFT Chapter 1 Introductions on Fundamentals in International Settlements ? SWIFT: society for worldwide interbank financial telemunications, a puterized international telemunications system that, through standardized formatted messages, rapidly processes and transmits financial transactions and information among its members around the world. Chapter 1 Introductions on Fundamentals in International Settlements ? Services provided by SWIFT: – FIN (Financial Application) – IFT (Interbank File Transfer) ? Procedures of message flow: – An appropriate SWIFT message type is selected, prepared, addressed and released by the sender to the SWIFT work via the bank’s SWIFT interface。 Chapter 1 Introductions on Fundamentals in International Settlements – The input Regional Processor forwards the SWIFT message to a Slice Processor。 – The output Regional Processor then sends the message to the receiver. Chapter 1 Introductions on Fundamentals in International Settlements ? Types of messages: 10 types ? Characteristics of SWIFT: – Quick and cheap。 – Standardized forms. ? Signatures Credit instruments Mercantile documents Chapter 1 Introductions on Fundamentals in International Settlements ?Classification of settlement methods ?基于商業(yè)信用的結(jié)算 （ Settlement on mercial credit） —— 匯款（ Remittance） ，對應(yīng)著預(yù)付貨款（ payment in advance）和賒銷（ open account， O/A） ； 托收 （ Collection ） ?基于銀行信用的結(jié)算 （ Settlement on bank credit） —— 信用證 （ letter of credit，L/C ） ； 銀行保函 （ bank guarantee ） Chapter 1 Introductions on Fundamentals in International Settlements ? payment in advance: provides greatest security for the seller and greatest risk for the buyer。 Ⅳ terms and conditions. Chapter 2 Banks’ Clearing System In International Settlements Services provided by correspondents: Collecting checks, drafts, and other credit instruments。 Making credit investigation of firms that borrow in the open market。 Providing banks with funds/loans in case of need. Chapter 2 Banks’ Clearing System In International Settlements ? (2) global foreign exchange transferring system nostro account: due from account, the foreign currency account of a major bank with the foreign banks abroad to facilitate international payments and settlements. Vostro account: due to account, the account held by a bank on behalf of a correspondent bank. Chapter 2 Banks’ Clearing System In International Settlements From the point of view of a Chinese bank, a nostro account is our bank’s account in the book of an overseas bank denominated in foreign currency。 Intrabank transfer between different cities。 The paying bank passes instructions on to the Fed to move value from the bank’s reserve balance account to the reserve balance account of another bank in which the payee has an account。 Wh