Blue screen is essentially a fancy term that means bank to bank.
This is what I came across but if you ask me, it sounds completely phony.
1. Seller and Buyer make appointments with blue screen departments at top 25 world bank (doesnt have to be the same bank).
2. Seller and Buyers banks submit a letter on bank letterhead. In this letter, the bank officers acknowledge that the bank has the capability of accessing the blue screen.
3. The letter states the name of the bank officer who is to download the blue screen. Title and passport are submitted as identification.
4. The Sellers bank officer acknowledges that the bank is to set-up an account in the name of the Buyer to provide proof of product.
5. The Buyers bank officer acknowledges that the bank is to set-up an account in the name of the Seller to provide proof of funds.
6. Buyer and Sellers bank officers exchange blue screen pass codes.
7. Buyers bank officer verifies product.
8. Sellers bank officer verifies funds.
9. Seller issues the contract.
10. Buyer signs the contract.
11. Buyers bank blocks funds on the screen..
12. Sellers bank blocks product on the screen.
13. Buyers bank opens an account for Seller to take down the funds.
14. Sellers bank opens an account for Buyer to take down the product.
15. Seller gives Buyer bank clear account code, the identity code and the Swift traffic control code.
16. Sellers bank confirms funds.
17. Buyers bank takes ownership of product..
18. Sellers bank moves the funds into the account set-up in Sellers name.
19. Transaction is completed.
Now, I also read that a lot of these supposed transactions actually stem from a Nigerian scam, so you need to be on your guard. The LAST thing you want to do is give these a-holes access to a bank account.
Paul