What is SWIFT?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It is an identification code necessary for inter-bank wire transfers.

It is a member owned cooperative society. It is founded under Belgian law.

What is a Role of SWIFT?

SWIFT manages a worldwide network. The communication platform, products and services are given by SWIFT to their customers. The customers are banks and other financial organizations from different countries.

Using this network, the customers exchange their messages between themselves securely and reliably. These messages exchanged are regarding financial information and transactions.

SWIFT is also a channel through which the financial community is brought together so that they work mutually and collaboratively on different issues.

SWIFT acts as a data carrier or carrier of messages exclusively. Managing funds or accounts is not done in SWIFT.

As on date around 8,300 banking and securities organizations and corporate customers from more than 208 countries use SWIFT every day with confidence.