Society for Worldwide Interbank Financial Telecommunication
SWIFT (Society for Worldwide Interbank Financial Telecommunications) is a global member-owned cooperative that functions as a huge messaging system. Members (banks and other financial institutions) use it to quickly, accurately, and securely send and receive information, primarily money transfer instructions.
- Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned cooperative that provides safe and secure financial transactions for its members.
- This payment network allows individuals and businesses to take electronic or card payments even if the customer or vendor uses a different bank than the payee.
- SWIFT is the largest and most streamlined method for international payments and settlements.
- SWIFT works by assigning each member institution a unique ID code (a BIC number) that identifies the bank name and the country, city, and branch.
- SWIFT has been used to impose economic sanctions on Iran, Russia, and Belarus.
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