Society for Worldwide Interbank Financial Telecommunications: Difference between revisions
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Revision as of 13:17, 23 December 2019
(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
- Bank identifier code
- Broker-dealer
- CGI
- ISO currency codes
- Payments and payment systems
- SWIFT gpi
- Track and trace
