US-Russian joint venture Sovam Teleport is to become the sole SWIFT node (SWIFT being the co-operative organisation set up to establish a network for electronic funds transfer) – in Russia. Last month, the two companies signed an agreement that makes Sovam the Moscow technical hub for all Russian SWIFT users. Sovam is to install a SWIFT terminal that will be accessible by all Russian members of the Belgian international fund transfer organisation. The terminal is connected to a dedicated leased line which will be devoted only to SWIFT traffic. The company will dedicate a team of its staff to administering the node. Installation is beginning this month and it is expected to be operational by November or December of this year. There are two existing SWIFT terminals at Vneshnicombank and Moscow International Bank. These offer a very limited service, and will be shut down once the Sovam node comes on line. Sovam’s proposal was made against submissions from several Moscow-based telecommunications service providers. General director Vladimir Teremetsky says he believes his company was chosen on the strength of its Moscow facilities. The company aims to offer a three-tier service to Russian banks – just access; access plus service; or access, service and support. At present, there are 11 full members of SWIFT in the former Soviet Union with a further four candidate members. Teremetsky estimates that some 50 commercial banks are likely to use the service.
