SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications
• The SWIFT is a global member-owned cooperative that is headquartered in Brussels, Belgium.
• It was founded in 1973 by a group of 239 banks from 15 countries which formed a co-operative utility to develop a secure electronic messaging service and common standards to facilitate cross-border payments.
SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by
correspondent accounts that the institutions have with each other.
• The SWIFT is a secure financial message carrier — in other words, it transports messages from one bank
to its intended bank recipient.
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