Society for Worldwide Interbank Financial Telecommunications
From ACT Wiki
(SWIFT).
A co-operative organisation created and owned by banks that operates a network which facilitates the exchange of payment and other financial messages between financial institutions (including broker-dealers and securities companies) throughout the world.
It is a major international financial telecommunications network that transmits international payment instructions as well as other international financial instruments or messages.
A SWIFT payment message is an instruction to transfer funds; the exchange of funds (settlement) subsequently takes place over a payment system or through correspondent banking relationships.
See also
- AUD
- Bank identifier code
- Broker-dealer
- Business identifier code
- CAD
- Category 3 messages
- CGI
- Electronic Banking Internet Communication Standard
- EUR
- GBP
- HKD
- ISO currency codes
- JPY
- Member-administered closed user group
- MT
- MT940
- Payments and payment systems
- Payments Market Practice Group (PMPG)
- Standardised corporate environment (SCORE)
- Swift Go
- SWIFT gpi
- SWIFTNet
- Telecommunications
- Track and trace
- Treasury counterparty
- USD
