The full form of SWIFT is Society for Worldwide Interbank Financial Telecommunications. SWIFT is a member-owned cooperative that provides its representatives with safe and secure money transfers. Even though a customer or vendor may use a different bank than the payee, the complete payments services enable people and organisations to consider accepting card and electronic payments. Every other partner organisation in SWIFT is given an identification number that recognises the bank name and the branch, city, and country.
With its headquarters in Belgium, SWIFT has a wide distribution network that spans several nations, including Australia, India, Japan, Germany, Korea, Italy, France, South Africa, Sweden, Spain, the US, the UK, the United Arab Emirates, and the Russian Federation.
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Who Utilizes SWIFT?
Owners of SWIFT initially created the network mainly to advance communication on Treasurer & correspondence payments. The robustness of the message structure allowed for significant optimization, allowing SWIFT to grow to include the following areas gradually.
- Banks
- Securities Dealers
- Asset Management Companies
- Depositories
- Corporate Business Houses
- Foreign Exchange and Money Brokers
- Clearing Houses
- Exchanges
- Treasury Market Participants and Service Providers
- Brokerage Institutes and Trading Houses.
Services provided by SWIFT
- Business Intelligence
- Compliance Services
- Applications
- Messaging, Connectivity & Software Solutions.