Society for Worldwide Interbank Financial Telecommunications: Difference between revisions
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(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. | (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. | 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. | 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 == | == See also == | ||
* [[Bank identifier code]] | * [[Bank identifier code]] | ||
Revision as of 10:42, 20 August 2013
(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.
