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SWIFT, the Society for Worldwide Interbank Financial Telecommunications, is a leading global messaging system used by banks and financial institutions to securely exchange money transfer information and communicate about security and treasury transactions. With a network connecting 11,000 institutions in 200 countries, SWIFT facilitates millions of transactions in various currencies daily.
While originally designed for treasury transactions, SWIFT’s flexibility has expanded its reach to include banks, non-bank financial institutions, security dealers, asset management companies, and many other financial players.
SWIFT’s dominance in the market is due to its commitment to operational excellence, prioritizing security and reliability through continuous infrastructure investment. Though other messaging services exist, SWIFT stands out as a leader.
Beyond payment messages, which make up 50% of its traffic, SWIFT now handles a variety of transactions, with security transactions accounting for a significant 43%. Its latest innovation, the Global Payments Innovation (gpi), enhances transparency by offering real-time tracking of cross-border transfers.
Although SWIFT doesn’t transfer money itself, it utilizes unique SWIFT codes to transmit payment information between bank accounts. It is recognized for standardizing International Bank Account Numbers (IBAN) and Bank Identifier Codes (BIC/SWIFT codes), streamlining the transfer process. The BIC system’s secure environment ensures accurate identification of banks and efficient processing of payment orders.
International Fintech Business (IFB) can help you enter the fintech industry. We can help you to connect to the SWIFT network. Our experts can help answer any questions you may have. Contact us today!