Information on credit transfer payments using the SWIFT network

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Information on credit transfer payments using the SWIFT network
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Information on credit transfer payments using the SWIFT network

The data contained in international credit transfer payments is forwarded to the beneficiary's bank via the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Without SWIFT's services, Irish Bank Resolution Corporation Limited would not be able to offer our customers global payment services. Thus any customer, instructing Irish Bank Resolution Corporation Limited to execute a payment order is giving implicitly his/her consent that his/her data, necessary for the correct processing of the transaction may be sent outside of the European Economic Area.

SWIFT has operating centres in both Europe and the US where by way of continuous data mirroring, the data is stored temporarily on both operating centre servers. SWIFT carry out this mirroring for security and operational purposes. For example, if one operating centre malfunctions, your international payments can continue to be processed by the other operating centre.

Pursuant to the events of September 11, 2001, the US Treasury, acting on the strength of official subpoenas, requested transaction data from SWIFT's operating centre in the US and evaluated it for anti-terrorism purposes. In November 2006, European and Irish data protection supervisors voiced concerns about the mirroring of payment transaction data in the US and access by US authorities to this data. The Irish banking industry is actively seeking an international solution to these data protection issues and is continuing the constructive dialogue with all parties concerned, particularly with data protection authorities and SWIFT.