SMIFT Instant Settlement Mechanism 1.0 - Alessandro-Salerno/SMIFT GitHub Wiki

The SMIFT Instant Settlement Mechanism, or SISM, is a set of rules and guidelines to allow safe and quick settlement of transactions between servers.

SISM is heavily version dependent. Different SCEP revisions may implement different SISM revisions.

SCEP Reference

This revision of SISM is relevant for SCEP revision 1.1.

History

Development on this revision of SISM stated on September 1st, 2024.

Policy

The SMIFT Instant Settlement Mechanism is intended for use exclusively by in-game administrations (e.g., Central Banks, Trade/Treasury Departments, etc.) and/or automated software operating on behalf of these subjects.

SISM is a fully automatic mechanism handled by the SMIFT Routing Server and Execution Parties. Human operators are expected NOT TO manually settle and credit inter-server transfers. Note that a violation of this principle may result in severe damages in case of a security breach.

Transferes are hanlded by SISM when both the sender's and the recipiant's accounts belong to servers that are members of the SMIFT Network and are not held by private depository institutions.